December 18, 2008 / 1:36 PM / in 9 years

TSX, small-cap Venture on track to reopen Thursday

TORONTO (Reuters) - The Toronto Stock Exchange and TSX Venture Exchange is expected to reopen on Thursday for normal trading after it was shut the previous session due to a technical glitch, said exchange operator TMX Group Inc.

<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>

TMX did not elaborate on the nature of the outage except to say the initial findings showed a “network firmware issue resulted in complications with data sequencing,” which impacted the delivery of data feeds.

All data feeds were fixed on Wednesday afternoon, the company said.

The market is currently in “pre-open” state and is on track to open as per usual at 9:30 a.m. (1430 GMT), said Carolyn Quick, director of corporate communications.

The system fault linked to data feeds shut both markets, frustrating traders and sending business to other trading venues.

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.

Some trades took place at the outset on Wednesday, but “whether or not those trades will stand will be a decision taken by IIROC,” said Quick.

The Investment Industry Regulatory Organization of Canada, the national self-regulatory organization which oversees trading activity on debt and equity marketplaces, was not immediately available for comment.

Reporting by Jennifer Kwan, editing by Dave Zimmerman

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