Feeds

Regulator unloads on ASX over buggy IT

Next time, make it work

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

In its annual review of the Australian Securities Exchange’s performance, Australian corporate regulator ASIC has criticized the exchanges handling of IT.

On October 27, the ASX suffered an outage that lasted from shortly after the opening bell through to 2pm. The ASX has said only that the outage was due to a “software glitch” which its backups were unable to cope with.

Although the outage occurred during the long process of relocating its data centre from the Sydney CBD to the northern suburb of Gore Hill, the exchange said at the time the move was not the cause of the problem – something which seems to be backed up by a scant explanation given to the Australian Financial Review.

The October 27 incident occurred after the period covered by ASIC’s latest review, which makes its observation that since the ASX launched an upgrade to its NASDAQ Genium-based Trade and Trade 24 platforms in 2010, “there have been nine incidents … which led to varying degrees of unavailability and disruption”.

Three of those issues, which occurred between October 2010 and March 2011, affected all users of ASX Trade, the regulator said, and “led to varying degrees of market outage”.

“Due to the number of incidents occurring in such a relatively short time, we had concerns about the robustness of the upgrades and the testing that was undertaken before the decision was made to go live,” the regulator writes.

Those concerns must have been exacerbated by the long outage in October.

The regulator also noted that it had concerns about the exchange’s “deployment resources”, and has imposed a requirement on the exchange to give trader’s greater notice of planned changes, even when the ASX expects those to be minor changes with minimal impact on traders.

The more demanding notice and governance requirements will be on show in short order, with a new “high frequency” trading platform called PureMatch due to go live next Monday. ®

Build a business case: developing custom apps

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.