Eurex Derivatives Exchange Suffers Outage Due To Glitch In Time Synchronization
by
Andrew Saks McLeod
Despite the ever increasing investment in infrastructure which ensures not only low latency but also constant availability of international executing venues, often connected via a single connection, and in some cases,microwave technology requiring no cabling or additional infrastructure. The announcement of the outage yesterday at the Frankfurt-based derivatives Exchange Eurex, demonstrates that all is not infallible.
Whilst the advances in infrastructure have been tremendous recently, with many large scale developments having taken place this year alone, disruptions leading to the suspension of trading and potential losses can still occur, this further highlighted by last week’s trading system glitches at Goldman Sachs and NASDAQ OMX venue, the latter of which resulted in $5.65 trillion of securities being halted for three hours due to the failure of the Securities Industry Processor.
Eurex is the most recent to announce that it suffered a similar outage, yesterday having posted on its website that the venue was investigating technical issues. This appeared on the Eurex website at 8.30am yesterday morning (Central European Time). In a separate statement, Frankfurt-based Eurex confirmed that trading had resumed at 9.20am, signaling a 50 minute suspension in activity.
Confidence in a trading environment and its reliability is paramount to its credibility, however, this succession of glitches could instill fears regarding the ability of the market infrastructure’s capability of keeping pace with the demands for high-performance electronic dealing.
At Eurex, the fault occurred on a new trading architecture that the exchange introduced only in December, billing it as "the world's most advanced trading system". The Eurex derivatives trading market was halted at 0620 GMT, 20 minutes after trading started, "in order to protect the integrity of the market," Deutsche Boerse said.
"An incorrect time synchronization within the system" triggered the market halt. The problem was solved, pre-trading started at 0720 GMT and, as of 0730 GMT all products were once again tradeable, the exchange told the Wall Street Journal yesterday.
In the case of the trading suspension at Eurex, fortunately, this occurred on a day which was a national holiday for banks across most of Europe, therefore, limiting the detrimental effects. However, undoubtedly, a watchful eye will be kept on this by major infrastructure providers to prevent nervousness among market participants.
Despite the ever increasing investment in infrastructure which ensures not only low latency but also constant availability of international executing venues, often connected via a single connection, and in some cases,microwave technology requiring no cabling or additional infrastructure. The announcement of the outage yesterday at the Frankfurt-based derivatives Exchange Eurex, demonstrates that all is not infallible.
Whilst the advances in infrastructure have been tremendous recently, with many large scale developments having taken place this year alone, disruptions leading to the suspension of trading and potential losses can still occur, this further highlighted by last week’s trading system glitches at Goldman Sachs and NASDAQ OMX venue, the latter of which resulted in $5.65 trillion of securities being halted for three hours due to the failure of the Securities Industry Processor.
Eurex is the most recent to announce that it suffered a similar outage, yesterday having posted on its website that the venue was investigating technical issues. This appeared on the Eurex website at 8.30am yesterday morning (Central European Time). In a separate statement, Frankfurt-based Eurex confirmed that trading had resumed at 9.20am, signaling a 50 minute suspension in activity.
Confidence in a trading environment and its reliability is paramount to its credibility, however, this succession of glitches could instill fears regarding the ability of the market infrastructure’s capability of keeping pace with the demands for high-performance electronic dealing.
At Eurex, the fault occurred on a new trading architecture that the exchange introduced only in December, billing it as "the world's most advanced trading system". The Eurex derivatives trading market was halted at 0620 GMT, 20 minutes after trading started, "in order to protect the integrity of the market," Deutsche Boerse said.
"An incorrect time synchronization within the system" triggered the market halt. The problem was solved, pre-trading started at 0720 GMT and, as of 0730 GMT all products were once again tradeable, the exchange told the Wall Street Journal yesterday.
In the case of the trading suspension at Eurex, fortunately, this occurred on a day which was a national holiday for banks across most of Europe, therefore, limiting the detrimental effects. However, undoubtedly, a watchful eye will be kept on this by major infrastructure providers to prevent nervousness among market participants.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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