Here’s the ASX CEO explaining the tech disaster for the market today

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This just in from ASX MD and CEO Dominic Stevens:

Today, ASX encountered issues with our equities trading system, ASX Trade. What happened today does not meet the high standards of operations and system reliability that we set ourselves, and that our customers should rightly expect of us. We apologise for the disruption.

The primary issue arose from a hardware failure in the main database used by the system. This had a number of knock-on consequences that affected the operation of the market. These included a delay to the market open and the decision to close the market early due to ongoing issues that impacted the proper functioning of the trading platform.

The issues were not in any way related to cyber security. ASX is now focused on ensuring that the market re-opens on schedule tomorrow morning.

Today, I will be speaking to customers to apologise, and to discuss what learnings we can draw to ensure this doesn’t happen again.

Thursday. Whatever happens, it has to be right for Thursday.