ASX Glitch Halts Chi-X Trades

The Australian Securities Exchange (ASX) has been hit by another glitch again as the Australian stock market's Trade Acceptance Service rejected and stopped settling all trades made on its rival Chi-X Australia. The trade freeze lasted from 10 a.m. to 12 noon yesterday.

Despite being rivals, ASX is the one providing clearing and settlement operations for Chi-X as the ASIC requires to settle all trades through ASX. According the ASX, the software that was responsible for accepting Chi-X trades to clearing and settlement infrastructure was not processing correctly at the moment.

"The validation application for accepting Chi-X trades into ASX's clearing and settlement infrastructure was temporarily not processing correctly," said ASX Spokeswoman Leeanne Bland. "The issue has been resolved and normal processing resumed from 12.01pm."

The last glitch that hit ASX was a four-hour outage last October 27, four days before its competitor Chi-X launched its first exchange on October 31.