http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.44Change: -0.11
R/$ = 12.05Change: -0.14
Au 1191.52 $/ozChange: 9.87
Pt 1150.50 $/ozChange: 14.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Jul 14, 2008

‘Significant’ financial losses after technical glitch delays opening of JSE

Back
JSE CEO Russel Loubser discusses what went wrong with the bourse's network system on Monday in an interview with Engineering News Online. (14-07-08)
 
 
 
Engineering|System|Services
Engineering|System|Services
engineering|system|services
© Reuse this The JSE's failing to open for trade until nearly 15:00 on Monday owing to technical problems entailed significant losses for the stock broking industry, for which CEO Russell Loubser apologised.



"Obviously, apart from the elevated blood pressure levels, our business is about volumes, and we've lost half a day," SA Stockbrokers broker Alan Momberg said in a telephone interview. "So it's a significant financial loss."

He noted that what worsened the situation was that Monday had been the first day that the market had been up in a while. "We've lost out on some selling opportunities."

"We know that we have inconvenienced the market, and we are very apologetic for that," Loubser told Engineering News Online. "The trading system hasn't been down in six years and our networks have been up for 99,6% of the time in the last six years."

"Whatever happened today was bad," Momberg said, adding that the JSE's announcement that it would stay open for trade until 19:00 on Monday evening would make a small difference, but that "the damage is done".

WHAT WENT WRONG?

Loubser stressed that the problem had not been with the JSE's trading system, but with the network, which stretched from London to Johannesburg, involving many different "players" in between.

He said that the bourse had managed to pinpoint where the problem arose "fairly early on", but did not want to disclose the information until a full investigation had been completed. The bourse became aware of the problem at 06:30 on Monday morning.

This probe, already under way, Loubser said, the JSE would complete "as soon as possible".

Financial Services Board (FSB) capital markets head Norman Muller said that the watchdog would receive a report from the JSE on the problem.

"It is standard practice that the FSB be informed immediately if the market can’t open, that such event be fully investigated by the JSE, and reported to the FSB. Appropriate action will be taken if an exchange be found guilty of any misconduct," he said in an email.

Edited by: Mariaan Webb
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Information Technology News
Updated 2 hours 21 minutes ago A new undersea cable linking Algeria to Spain was in the pipeline as telecommunications giant Alcatel-Lucent and the Algerian Ministry of Post, Information Technology and Communications inked a turnkey agreement last week. The planned 560 km Orval fibre-optic...
ACCIDENT PREVENTION Investing in dust surpression solutions can effectively reduce or eliminate air pollution at any materials-handling site
To prevent operational downtime that, on average, can result in a loss of between $1 000/h and $3 000/h, materials handling companies must invest in dust prevention solutions that effectively reduce or eliminate air pollution, says dust suppression engineering...
RUSSELL SCHWULST South African industry will have to maintain its pace with changes to remain competitive in the ever-globalising world
The expected changes influencing manufacturing and industry over the next twenty-five years, including digitisation, hyper-connectivity, automation and integration, will require that many factories become centres of learning, says German industrial systems education...
More
 
 
Latest News
Alaris CEO Jürgen Dresel
Updated 19 minutes ago Defence and specialist antenna company Alaris has recorded improved sales in many of the regions where it operates and has made good progress towards concluding an acquisition that will provide it a footprint in the US, CEO Jürgen Dresel has told Engineering News...
Marc Granger
Updated 22 minutes ago The technology gap between South Africa’s rail industry and the global industry is “very significant”, with “very few” existing black companies active in the local rail environment, says Gibela CEO Marc Granger. Gibela has been appointed to deliver 600 new...
More
 
 
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
 
 
 
 
 
This Week's Magazine
Mercedes-Benz will launch ten plug-in hybrid models by 2017, says the German automaker’s parent company, Daimler. Following the launch of the S 500 plug-in hybrid, March saw the introduction of the C 350 e, the second model to feature the drive-train concept. Under...
Energy Minister Tina Joemat-Pettersson's recent unveiling of something of a road map for an upscaled and accelerated deployment of independent power producer (IPP) capacity has been widely welcomed. Besides plans to accelerate and expand the hitherto successful...
South African Airways (SAA) acting CEO Nico Bezuidenhout has firmly denied reports that a stake in the airline was going to be sold to Air China. “Categorically, SAA is not in any talks with any airline to sell itself at the moment,” he stated at a media briefing at...
Russian State-owned nuclear group Rosatom has confirmed that it is in talks with Nigeria about the construction of nuclear power plants (NPPs) in that country, but has denied that any agreement has been signed. This follows a recent report in the Nigerian media that...
HANDIGAS LPG LPG users can order products at the Afrox website or through the Afrox call centre and receive next-day delivery
Gas products and services company Afrox has launched a pilot programme to deliver its range of Handigas liquefied petroleum gas (LPG) to domestic consumers to fill a gap in the market, thereby expanding its direct contact with end-users.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96