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Following extensive preparations by ASX, Nasdaq (the supplier of the ASX Trade software) and customers, a new version of ASX Trade went live on Monday 16 November. Shortly after the market opening, a software issue causing a data problem was detected that required ASX to close the market for the rest of the trading day. ASX today released a customer report on the incident, which can be found here.
Nasdaq and ASX identified the root cause to be a software issue that caused incorrect functionality in the tailor made combinations (TMC) order book. TMCs are used primarily by retail and institutional traders of equity derivatives, and enable the trading of multiple options in one transaction. This reduces execution risk for customers. ASX disabled this functionality and a detailed root cause analysis of the software issue was undertaken by Nasdaq.
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