The JSE equities trading market failed to open on time on Wednesday, causing enormous frustration in the investment community.
Traders took to social media to voice their displeasure at the problem, while rival A2X Markets took at a dig at its rival, saying it had opened at 9am as usual and that all shares listed on its platform were available for trading.
- Update: The JSE said continuing equities trading would begin at 2.30pm on Wednesday and apologised for the “inconvenience caused”.
In a statement at 10.14am, the Johannesburg bourse said the equity market opening had still not taken place. It promised to provide another update at noon. With China’s Tencent Holdings due to report quarterly results on Wednesday morning South African time (which will likely have an impact on the valuation of heavily traded Naspers), the technical problems have not come at a good time for traders.
“Clients will be provided at least one hour’s notice prior to opening the market. We will provide the next update at 12pm. We apologise for the inconvenience caused,” the JSE said in a statement.
The JSE first issued a notice at 5.20am on Wednesday in which it said it was “experiencing significant delays” with batch processing on its broker deal accounting (BDA) system.
At 6.50am, it said it was “still processing transactions on BDA” platform and this would impact the start of trading. At 8am, it provided an update that the opening of equities trading would be delayed. All other markets would start as normal, it added.
An hour later, at 9am, the bourse confirmed further delays to the equity market open and said it would “provide ample notice to accommodate members and shared infrastructure providers to adjust and prepare themselves for the start of trading” to “ensure that there is a smooth and orderly opening of the equities market”. — (c) 2021 NewsCentral Media