Sources suggest the issue was caused by an unmatched order – block orders are now believed to be paused until an investigation is complete.
SIX Swiss Exchange suffered an outage the morning of Tuesday 13 June, which involved the cancellation of both equity and fixed income trading for a number of hours.
“Block Orders in SwissAtMid have been deactivated in the Production environment today until further notice. Block Orders in SwissAtMid will also be deactivated in the Membertest environment as of tomorrow until further notice,” said the incident message, seen by BEST EXECUTION.
According to sources close to the firm, the problem was a technical issue caused by an unmatched block order. “The order type is now deactivated until further investigation is complete,” said a source.
The buy-side, however, seems to be taking the issue with equanimity. “Orders are put on hold until the problem is solved and the market is open,” one Swiss trader told BEST EXECUTION. “Customers understand when they are told that the market has technical problems, and that the market is closed until further notice.”
SIX Swiss Exchange is investigating further into the cause of the disruption.
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