TGI Failure Friday: Oslo Stock Exchange Closed For "Technical Difficulties"

Tyler Durden's picture

The first of what is likely many. "Due to technical disturbances, Oslo Børs' Equity and  Bonds markets are temporary halted. Members may  delete their orders in this state.  Further information will follow. "

The official story from e24.no

At 13.39 was the following message from the Oslo Stock Exchange:

"Due to technical disturbance, all the Oslo Stock Exchange's markets are closed. Further information Will follow. "

- There is nothing wrong with the trading system, but there are many systems to talk together and it seems as if the mistake we saw an hour ago has given the following errors in other systems, says communications director on the Oslo Stock Exchange, Per Eikrem to E24 .

- This is totally unacceptable, write a stockbroker in an SMS message to E24.

At 13.59 started the Oslo Stock Exchange update of the benchmark index during the period it was down.

After the update, the benchmark index down 3.06 percent. Oslo Stock Exchange is still closed.

Started with technical problems

Soon after, at 12.30 notified the Oslo Stock Exchange that the indices were not updated, but the transaction went as normal.

This continued for an hour, until at 13.39, when the Exchange closed all trade.

- Some members may continue to experience technical disturbances related to their front systems. The trading system is functioning normally, wrote the Oslo Stock Exchange just before the release of full suspension.

The benchmark index on the Oslo Stock Exchange is thus frozen in a decline of 2.68 percent to 336.92 points.

Eikrem can not say how long it will take to find and rectify the error.

- Since we do not know where the fault lies, it is very difficult to say how long this will take, says Eikrem to E24.

Asked by E24 on trade is at it again today, answer Eikrem:

- It is very difficult to say something about now. It is always serious when we have to close the market.

The robots stop

Trade on the Oslo Stock Exchange was, in spite of the problems, which are normally in a little over an hour. Or almost as normal.

A person on the Oslo Stock Exchange told E24 that a number of third party systems to the Oslo Stock Exchange is not tackled the technical violation, which they had to cancel the deal.

These include Norwegian and foreign companies engaged in algorithmic trading.

This phenomenon is also evident for those who follow through trades on the Oslo Stock Exchange. The refresh rate is now significantly less often than usual, and a number of brokers and traders have confirmed to E24 that trade on the Oslo Stock Exchange between 12.30 and 13.30 were free of bots.