October 19, 2020
11:47
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Trading on the Euronext markets has been flat since 9.48 am due to a ‘technical malfunction’.
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Euronext reports that trading on the pan-European stock market – and therefore also in Brussels – will be halted until further notice, due to a ‘technical malfunction’. It is the biggest outage since October 29, 2018.
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Trading in stocks and derivatives has been affected. “We are working on a solution and will let you know as soon as possible when trading can start again,” says Euronext.
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Before trading effectively resumes, it will restart with a ‘pre-opening phase’ of 15 minutes, Euronext reports.
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The breakdown includes trade in Brussels, Paris, Amsterdam, Dublin and Lisbon. Only the Oslo Stock Exchange has not been affected.
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For a stock exchange such a breakdown implies reputational damage. Just 10 days ago, Euronext acquired the Milan stock exchange. Euronext amounted to 4.3 billion euros for this. With this acquisition Euronext is the absolute number one in Europe.
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Euronext is not alone with the technical problems. This month the Tokyo stock exchange had to close its doors completely. That was then the biggest breakdown since the establishment of the electronic trade in the late 1990s. The breakdown occurred during the transfer of data to a backup system.
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“In the past 12-18 months, we saw many technical problems related to the technology. There may be too little investment in technology, ”Michael Hewson, CMC Markets analyst told Bloomberg.
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