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Friday, July 12, 2024

Technical issues close stock exchange

UPDATED: Technical problems left Norway’s stock exchange, the Oslo Børs, closed until 11 o’clock on Wednesday morning. Brokers did not think there would be significant consequences, because the trading day was scheduled to end at one o’clock anyway because of the Easter break.

It was not the worst day for the problem to happen, because the half day meant volumes would be small, reported newspaper Dagens Næringsliv (DN). Many investors and fund managers had already left for their holidays, said Geir Larsen from DNB Markets.

The major European stock markets rose around one percent on Wednesday morning. Larsen said even if there was a marked change but the Norwegian exchange remained closed all day, its impact would be felt when trade resumed on Tuesday after Easter.

“There will be consequences, but not large consequences,” he said. “You can always find buyers and sellers, and bargain in the old way. So you can always make trades, but it happens any time with slightly bigger things, and it is not impossible.”

Larsen said Norwegian shares also trade on other markets, such as in Sweden, but he doubted people would trade while the Oslo Børs remained closed. “That is where the prices are set,” he said.

The exchange confirmed there had been problems since five o’clock on Wednesday morning. “There is a technical problem in London which means no reference data for securities traded is available for the members at Oslo Børs,” wrote communications director Per Eikrem in an email to DN. “They’re working to solve the problem.”

The share market eventually opened at 11 o’clock, with the interest and derivative markets opening shortly before. staff



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