Engineers worked through the weekend to resolve critical issues with the ASX’s settlements processing system, averting a potential delay or cancellation of trading on Monday.
Faults identified on Friday disrupted the settlement of trades made earlier in the week, leaving brokers scrambling for billions of dollars to cover unmatched transactions.
Late on Sunday, ASX officials updated market participants, stating that trades from Wednesday would be processed on Monday, and the market was to open as scheduled.
Technical problems have been a recurring theme for ASX, especially as its systems age.
Contingency plans had been in place in case the issues persisted, including the possibility of a shorter trading day to enable staff to resolve errors and tackle the backlog.
ASIC informed
The Reserve Bank of Australia and the Australian Securities and Investments Commission were informed of the situation.
Tim Whiteley, ASX’s chief information officer, apologised for the disruptions, acknowledging challenges faced by customers and stakeholders over the weekend.
He confirmed that a data file error caused the technical issue, clarifying that there was no evidence of malicious activity.
