A day without trading: TSX, TSXV closed by technical problems
Last Updated: Wednesday, December 17, 2008 | 3:49 PM ET
CBC News
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No trading took place Wednesday on the Toronto Stock Exchange and the TSX Venture Exchange as technical issues forced the exchanges to remain closed for the day.
The TMX Group, which owns the exchanges, said shortly before 3 p.m. ET that the markets would not open for trading at all during the day.
It marked the first time the market has not opened for an entire day due to a technical issue.
The market did not open as usual at 9:30 a.m. ET, and TMX Group issued its first notice of a trading halt 20 minutes later.
The company said two of four exchange data feeds were down. The problem means that stock quotations are not being distributed to some users
"Because the data feeds provide information to investors to guide their trading decisions, trading was halted to ensure market integrity," TMX Group, which owns the exchanges, said in a release.
"There are no technical issues with the TSX Quantum trading engine," the company said.
TMX Group said the market would be put into a "pre-open" state from 3 p.m. to 5 p.m. to allow participants the option of cancelling, adding or changing orders.
The company said it intends to open the exchanges Thursday morning.
Market participants reacted with exasperation at the situation.
"This is ridiculous, this nonsense with this system — I don't know what to think," said Fred Ketchen, manager of equity trading at Scotia Capital.
Not everybody was shut out of trading. Investors could trade Canadian stocks that are interlisted in the United States. They could also trade stocks that are listed on rival Canadian trading exchanges, Pure Trading and Alpha Trading Systems.
With files from Canadian PressShare Tools
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Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 0 |
| DOW | 12454.83 | 0 |
| NASDAQ | 2837.53 | 0 |
| SP 500 | 1317.82 | 0 |
| NYSE COMPOSITE | 7534.32 | 0 |
| AMEX | 2227.37 | 0 |
| TSX-VENTURE | 1309.27 | 0 |
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