Australian largest stock exchange shuts down for a day: here’s why

ASX accepts responsibility for the glitch

stock exchange

Australian largest stock exchange shuts down for a day: here’s why. Source: shutterstock.com

The country’s largest stock exchange, the Australian Securities Exchange (ASX), has faced the worst outage in over a decade.

The outage, caused by a software glitch, occurred only after opening for an hour. This forced the session to close.

Prior to the glitch, the ASX was piloting its updated system with Nasdaq, the United States technology partner.

Four rehearsals have been run in the course of the year. The Australian Securities and Investment Commission is on the lookout to determine whether ASX was at par with the license obligations required for the software update.

The outage is the largest to ever hit exchanges worldwide as well. The London Stock Exchange, Tokyo Stock Exchange,, and Euronext are among exchanges that have suffered software glitches.

New Zealand Stock Exchange has also experienced a glitch in the past. However, this was caused by a malicious cyberattack.

Although proving loss may be difficult, the exchange could face legal actions from investors as a result of the glitch.

We’ve reported that Gemini has announced its expansion into the UK, providing individuals and institutions with crypto exchange and custody services in GBP.

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