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Biztech Jul 3, 2014

BSE shuts trading on all indices after network outage, NSE remains operational

By Firstbiz Staff
BSE shuts trading on all indices after network outage, NSE remains operational

Representational image. AFP

After the BSE indices failed to update earlier this morning, the stock exchange announced that it would be closing all indices temporarily due to a network outage. However, the National Stock Exchange remained operational.

A spokesperson for the BSE was quoted as telling Reuters that a connectivity issue was preventing share prices from updating and they would be issuing a statement soon.

The stock exchange told CNBC-TV18 that the network service vendor HCL was working to resolve the issue at the earliest.

The outage came even as the market hit a new high yesterday and the market opened in the green at 25927.82 points. 

The BSE also said that orders in the order book before the outage will be cancelled.

However, some like BSE member Dipen Mehta said the decision by the bourse to shut trading was a sensible one.

"Otherwise it would create problems at the broker end," Mehta said.

"It does happen from time to time," he said.

Mehta pointed out that the BSE shutting down while the NSE was still operational was not major issue as it has happened in the past as well.

"There is good co-operation between the two exchanges," he said.

On 7 April the bourse had introduced a new trading platform, Bolt Plus which it had claimed was one of the fastest trading platforms with a response time of around 200 micro seconds per order. However, two days later the bourse had experienced a network outage for a few minutes.

 

by Firstbiz Staff

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