NEWS UPDATE
TRADING VENUES
SIX Swiss Exchange resumes trading following four hours down
Trading disruption comes amid increased regulatory pressure on trading venues to strengthen processes following a number of recent outages across the EU and UK .
After four hours of suspended trading , SIX Swiss Exchange resumed trading at 1.30pm BST on Wednesday 31 July following technical issues with its SIX MDDX Multi-Dimensional Data fluX ( SIX MDDX ) data feed .
Specifically , the SIX Swiss Exchange resumed trading for equities and investment funds at 1.30pm BST , while options and structured products resumed at 1.45pm BST and bond trading 15 minutes later at 2pm BST .
The trading venue halted early on 31 July and looked to be rebounding around midday before being halted again at 11.23am BST , as reported by The TRADE .
This is the second time in the space of just over a year that Swiss Exchange has seen a major disruption . Last June , the venue experienced its worst outage for over a decade wherein trading was halted for three hours following issues with equities and options trading .
This outage comes amid a string of similar incidences across both the EU and the UK , fuelling the flames of market pressure to reinforce key infrastructure .
Regulators globally are continuing to pile the pressure on exchanges to maintain the stability and resilience of the financial markets , particularly as regards their communications during times of uncertainty .
So far this year , up to 50 customers were affected by Nasdaq matching engine outage in March , while more recently in July LSEG and several other trading venues ’ operations were impacted by global IT issues related to a Microsoft technology outage .
Some of the biggest hits came in the second half of 2023 – the London Stock Exchange ( LSEG ) experienced two outages on AIM stocks between October and December , whilst in November 2022 Nasdaq Nordic markets experienced a major outage so significant that it saw markets close without Auction .
These events are just some examples of major outages of this kind on primary exchanges over the last few years , with others including those seen on Deutsche Boerse and
Euronext .
As trading disruption events at venues themselves demonstrably persist , the market is keenly aware of the fact that though prevention is of course better than cure , if these issues are seemingly destined to persist there is a real need for more efficient processes in terms of effective communications .
No longer can traders and other market participants be expected to call client to client , rely on slow message boards , and be kept guessing as crucial time slips away – evidently more structure is increasingly necessary .
Speaking to The TRADE , FIX Trading Community ’ s executive director , Jim Kaye , confirmed that the industry as a whole has their attention firmly on more solid processes in the event of outages .
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