Toronto Stock Exchange set to reopen Thursday
By Jennifer Kwan and Lynne Olver
TORONTO (Reuters) - The Toronto Stock Exchange and the small-cap TSX Venture Exchange are expected to reopen on Thursday, after a system fault linked to data feeds shut both markets for the whole session on Wednesday, frustrating traders and sending business to other trading venues.
TMX Group, owner of the Toronto exchange and the junior Venture exchange, said it intends to reopen the two markets on Thursday morning.
There was no trading on either market on Wednesday -- the longest forced outage since the Toronto market closed its trading floor in April 1997 -- as technical glitches hit two data feeds.
TMX gave no exact reason for the outage, but said more information would be released when its investigation is done.
The market's woes come as TMX Group tackles competition from newcomers such as Alpha Trading Systems, which was launched in November and trades a limited number of Canadian stocks.
One of those alternative trading systems, Pure Trading, benefited from the exchange's troubles, according to data compiled by Bernardo Mariano of Equity Research Desk, a Connecticut-based advisory firm specializing in exchanges.
Pure Trading's volume on Wednesday was 38.5 million shares, more than triple its five-day average, Mariano said.
The TSX traded an average of 519.5 million shares per day in November, with an average value of C$5.93 billion ($4.94 billion). Continued...