An outage at the JSE yesterday, which halted equity trading for 34 minutes, has been attributed to the international link between the bourse and London.
In a statement issued yesterday, the JSE said it had halted trade at 3.41pm to isolate the exact cause of issues on the link between Johannesburg and the London Stock Exchange. Trade resumed at 4.15pm.
MTN is the JSE's third-party service provider and is responsible for the link between Johannesburg and London, where trades are settled. The JSE says, after a technical investigation, “MTN made an adjustment which enabled the equities market to reopen”.
“Our service providers are working with the exchange to resolve the matter. The JSE apologises for any inconvenience caused to clients,” says head of equities market Leanne Parsons.
The JSE has signed a licensing agreement with MillenniumIT to move its equity market trading activity onto Millennium Exchange, which will happen in the first half of next year.
The move will speed up trades by 40 times and also provide more stability in the trading platform as dealings will be settled in Johannesburg and not London.
In the middle of last year, a technical issue with international connectivity delayed the bourse's opening by an hour-and-a-half. In July 2008, the JSE was hit by network issue, which delayed the opening of the market until 3pm.
MTN did not immediately respond to a request for comment.
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