Sure enough, Sydney brokers hit Ryan's Bar this afternoon after the ASX meltdown

Martin Tuckwell and Adam Joseph of APP Securities, James Whelan of VFS Group. Photo: Daniella Brandy/Business Insider

Aussie stockbrokers were enjoying an unusual early mark this afternoon after the ASX suffered a technical meltdown shortly after 2pm.

This morning, the entire market opening was delayed 90 minutes. It restarted but ground to a halt soon after. Overall, just over half an hour of full trading was possible, but volumes were low so many brokers were stuck unable to fill orders.

The activity levels at Sydney pub and financial sector favourite Ryan’s Bar are inversely correlated with trading volumes on the ASX and sure enough, with the market closed, Ryan’s was busier than it should be for a mid-Monday afternoon.

Business Insider spoke to several groups of brokers who were enjoying an afternoon drink in the spring sunshine.

“If something like this occurs, it’s usually because there’s a change in the back-end system, and this particular fault sounds like the change was made over the weekend which of course would only impact us this morning,” said Adam Joseph of APP Securities. “Lunch was all about the wait-and-see if the market would re-open. It was a long lunch. We clocked off at about 2pm.”

Joseph’s APP colleague Martin Tuckwell could see something was going to go very wrong early on in the morning. “A glitch in the system made the last group (group 5, S-Z) strangely release 20 minutes too early this morning, signalling something bad was going to happen.”

VFS Group’s James Whelan was frustrated with the lack of communication from the ASX itself. “We shouldn’t have to be getting our information about the stock market from a news outlet. I’m surprised there isn’t more communication directly from the ASX when something like this happens.”

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