New Zealand's NZX faces technical issues as trading volumes soar
[BENGALURU] New Zealand stock exchange operator NZX said on Wednesday it was taking steps to address technical issues it faced in the last six trading days due to an "around four-fold" surge in trading volumes since early 2020.
It said it has appointed Ernst & Young to conduct an independent external review of the issues and potential remediation actions, including hardware and software upgrades.
The coronavirus outbreak, coupled with a historic crash in oil prices, has generated tremendous volatility in global equity and commodity markets as dealers scramble to hedge investments, sell off unattractive holdings and even buy cheaper stocks.
NZX said the issues mainly affected its clearing and settlement system, "at a time there is a huge amount of interest and unprecedented demand in the New Zealand share market."
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
PSD reviewing paper that alleges civil servants disproportionately bought homes near unannounced MRT stations
CapitaLand Investment’s retrenchments: Mind the downsides of a profitable business laying off staff
In a business takeover, how can landlords in Singapore protect themselves?
How Asia’s next generation is rewriting legacy through entrepreneurship
