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Home / Business / The Toronto Stock Exchange closes TMX market issues early

The Toronto Stock Exchange closes TMX market issues early



The TMX Group Ltd. was forced to close the Toronto Stock Exchange and its derivatives market after the owner of Canada's largest exchanges had technical problems most of the afternoon. Trading is expected to resume on Monday.

The trade ended at 13:39, and the stock exchange operator later said on Twitter that the stock market will not be reopened for the day. Less than 575 million Canadian shares were traded on Friday, according to Bloomberg's slowest session since July 24

"All users are equally affected and unable to connect," said the Toronto-based firm. The TMX Group operates the TSX, the TSX Venture Exchange, the Montreal Exchange and the TSX Alpha Exchange. TMX said it has identified the "internal technical problem" and expects to resume regular trading on Monday, according to a statement.

TMX's own exchanges accounted for approximately 61 percent of the value of Canadian traded shares, according to data from the regulator of investment regulation in Canada. The trade usually ends at 4 o'clock in the afternoon.

"In my 42 years in the industry, this may have happened in the past, but if so, I can not remember it," said Norman Levine, Managing Director, Toronto Portfolio Management Corp.

Traders turned to rival exchanges to place orders, including Nasdaq Inc. Canadian stock trading spreads across a variety of trading platforms, such as the US, meaning that if one stock market breaks down, others can recover [19659002] "Our systems have plenty of spare capacity and the same technology as the Nasdaq in the US," Nasdaq said in a statement referring to his three exchanges in Canada.

Miscellaneous Options

Craig Basinger, chief investment officer at Richardson GMP, said Friday's trading issues show that multiple exchanges are possible.

"There are many drawbacks that all these different exchanges have because it obviously increases the cost of ownership and adds to the cost and cost, I think it's a very positive thing," Basinger said. "If you go back a number of years when everything was traded in Toronto, we were really closed."

Levine said he sold $ 100,000 ($ 77,900) of stock, including preferred stock, to a client this morning.

"There must be people out there who need things to sell today, and they're crazy," he said.

Before trading stopped, the S & P / TSX Composite Index rose 0.2 percent to 15,668.93 A third straight profit and the highest close since 21 March. TMX Group Shares Drop 1.4 Percent to $ 76.82

The problem follows New York Stock Exchange trading issues earlier this week. The NYSE said Wednesday afternoon that Amazon.com Inc. and Alphabet Inc. would not trade for the rest of the day, referring to a technical problem.

– With the support of Nick Baker


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