http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.13Change: -0.06
R/$ = 11.56Change: 0.01
Au 1262.45 $/ozChange: 3.15
Pt 1228.50 $/ozChange: 11.00
 
 
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|Johannesburg|London|System|Services|Alan Momberg|Norman Muller|Russell Loubser
Engineering||System|Services|
engineering|johannesburg|london|system|services|alan-momberg|norman-muller|russell-loubser
© 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
A free Web-based solar power plant capacity-planning tool offers project planners and developers, as well as governments, a means to assess the solar energy potential of thin-film solar PV power over an area of land. The tool was developed by thin-film solar...
EDWARD CARBUTT ISO standards provide effective ways of ensuring that even heterogeneous IT environments are managed according to business needs
Information technology (IT) systems are critical business systems and integrating IT and business development using a framework of business sustainability standards enable processes to be improved continuously, says Service Management specialist provider and...
International information and communications technology group Datatec expects to report revenues in excess of $6-billion and underlying earnings a share of more than $0.40 for the financial year ending February 28, 2015.
More
 
 
Latest News
SAA acting CEO Nico Bezuidenhout, Finance Minister Nhlanhla Nene and SAA chairperson Dudu Myeni
Updated 1 hour 37 minutes ago Finance Minister Nhlanhla Nene has assured that loss-making national carrier South African Airlines (SAA) will not receive another bailout from government, noting that the most recent R6.4-billion government guarantee had only been provided in support of an intensive...
Updated 2 hours 11 minutes ago South Africa's cumulative trade deficit was R95.3-billion in 2014, the South African Revenue Service (Sars) said on Friday. In 2013, it was R71.4-billion, Sars said in a statement.
Updated 2 hours 57 minutes ago Certain regulatory approvals remain outstanding in Telkom’s proposed R2.67-billion takeover of JSE-listed Business Connexion (BCX), the parties said in an update to shareholders on Friday. BCX noted in the statement that the Competition Authority of Botswana had...
More
 
 
Recent Research Reports
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.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
 
 
 
 
 
This Week's Magazine
The international Square Kilometre Array (SKA) radio telescope – which is to be jointly hosted by South Africa and Australia with, later, outstations in other countries – may not yet exist, but international scientific working groups are already deciding what...
A free Web-based solar power plant capacity-planning tool offers project planners and developers, as well as governments, a means to assess the solar energy potential of thin-film solar PV power over an area of land. The tool was developed by thin-film solar...
As yet, no specific methodology, timeline or costs have been finalised to remedy the water ingress, excessive to contractual specifications, into the Gautrain tunnel between emergency shaft two (E2) and Park Station, says Bombela Concession Company technical and...
ASTRAPAK The group highlighted that executive strategic interventions and other group-wide business improvement imperatives were progressing favourably
The “seriously disruptive” electricity outages in South Africa have cost packaging group Astrapak more than R2-million in “irrecoverable downtime costs”, the company said on Monday, adding that the power cuts were negating some of the benefit of energy saving...
Bakkies and more affordable cars dominated South Africa’s new vehicle market in 2014. Unaudited data from the Department of Trade and Industry (DTI) shows that South Africa’s most popular vehicle in 2014 was the Toyota Hilux, selling 37 562 units.
 
 
 
 
 
 
 
 
 
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