On Monday, Australia’s stock exchange had to be shut down due to a defective software that went live and created issues, making trading ill-recommended. Indeed, the software in question developed problems relating to the trading of multiple securities and thus, creating erroneous market data.
Although software issues are expected, the impact on the Australian Stock Exchange is rather critical, especially since the software was in development for a year and was greatly anticipated.
The software was tested by customers and independent specialists for over a year in preparation for this day. So how was the defect not caught? Or what caused it? There is no clear answer for now.
Fortunately, the issue was fixed in a day as the trading resumed the next day. The leader of the company responsible for the software apologized profusely for the disruption caused by it and declared he was determined to pursue the program to update the Australian Stock Exchange’s technology stack from top to bottom.