Glitch prompts questions for ASX approach to informing the market

The ASX took more than three hours to inform stockbrokers and investors that a computer glitch had knocked out its critical market announcements feed in October last year, a new investigation shows.

The ASX took more than three hours to inform stockbrokers and investors that a computer glitch had knocked out its critical market announcements feed in October last year, a new investigation shows.

The Australian Securities and Investments Commission report also questions why the ASX informed some market participants of the glitch before others.

On October 12, the ASX's markets announcement platform shut down between 12.11pm and 3.55pm. This outage prevented the stock exchange from processing or releasing new announcements to the broader market from companies listed on the exchange.

During that period, 112 announcements were submitted to the stock exchange, 23 of which contained price-sensitive information. The ASX froze buy and sell orders on those 23 stocks. The problem was not fixed until after the market had closed.

"While we are satisfied about ASX Group's operational response to this issue, we question the approach it took to keeping all market users adequately informed," the report, released on Thursday, said.

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