http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 16.31Change: -0.01
R/$ = 14.22Change: 0.03
Au 1292.99 $/ozChange: 1.84
Pt 1079.50 $/ozChange: 3.50
 
 
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 About 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)
 
 
 
Business|Engineering|System|Services
Business|Engineering|System|Services
business|engineering|system|services
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
Creamer Media Senior Researcher and Deputy Editor Online

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
 
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Trade News
Mzwandile Masina
The Department of Trade and Industry (DTI) has invited companies to participate in a trade and investment mission to Ghana and Nigeria from August 8 to 12.   Companies in the agriculture and agroprocessing sectors, built environment professionals, automotive and...
One of the key messages to emerge ahead of the review of South Africa’s sovereign credit rating is that the country needs to outline the practical actions it will take to reignite growth, which has more or less petered out in recent years, with few expecting the...
NO GROWING PAINS Chryso SA CEO Norman Seymore explains his company's continued growth despite depressed market conditions
Construction chemicals producer Chryso Southern Africa continues to innovate and expand, offsetting the decrease in major civil projects. Chryso Group VP and Chryso South Africa (SA) CEO Norman Seymore notes that, aside from a few high-profile building projects in...
More
 
 
Latest News
Environmental Affairs Minister Edna Molewa
Cabinet has extended the contract of Department of Environmental Affairs (DEA) director-general Nosipho Ngcaba and approved the appointment of Limpho Makotoko as the new DEA COO.     “Under the leadership of Ngcaba, the DEA has consistently received clean and...
Mzwandile Masina
The Department of Trade and Industry (DTI) has invited companies to participate in a trade and investment mission to Ghana and Nigeria from August 8 to 12.   Companies in the agriculture and agroprocessing sectors, built environment professionals, automotive and...
Cabinet has approved the Industrial Policy Action Plan (Ipap) 2016/17 to 2018/19, which seeks to achieve a higher-impact industrial policy in difficult economic circumstances, including the difficulties faced by the domestic steel industry and the drought which has...
More
 
 
Recent Research Reports
Automotive 2016: A review of South Africa's automotive sector (PDF Report)
Creamer Media’s Automotive 2016 Report provides an overview of South Africa’s automotive industry over the past 12 months. The report provides insight into local demand and production, vehicle imports and exports, investment and competitiveness in the sector, as well...
Energy Roundup – April 2016 (PDF Report)
The April 2016 roundup covers activities across South Africa for March 2016 and includes details of a North Gauteng High Court Judge’s dismissal of a court application to postpone the 9.4% electricity tariff increase, which the National Energy Regulator of South...
Electricity 2016: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2016 report provides an overview of South Africa’s electricity sector, focusing on State-owned power utility Eskom and independent power producers, electricity planning, transmission, distribution and the theft thereof, besides other issues.
Energy Roundup – March 2016 (PDF Report)
The March 2016 roundup covers activities across South Africa for February 2016 and includes details of the Department of Energy’s plans to announce the preferred bidders for the first tranche of the coal independent power producer procurement programme; the Council...
Steel 2016: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2016 Report examines South Africa’s steel industry over the past 12 months. The report provides insight into the global steel market and and particularly into South South Africa’s steel sector, including production and consumption, main...
Construction 2016: A review of South Africa's construction industry (PDF Report)
Creamer Media’s Construction 2016 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; key participants; local demand; geographic diversification; corporate activity; black economic...
 
 
 
 
 
This Week's Magazine
The two spent-fuel pools at Eskom’s 1 800 MW Koeberg nuclear power station, in the Western Cape, will be full by 2018, increasing the urgency on the State-owned utility to begin pursuing alternative storage options. Koeberg has, over the past 32 years, accumulated a...
South Africa lacks the skills necessary to implement the government’s plan to build 9.6 GWe of new nuclear energy capacity, warns nuclear-qualified Quality Strategies International CEO David Crawford. “Apart from the concern about the affordability of the programme,...
DOROS HADJIZENONOS The 700-series devices provide network security monitoring, app control, URL filtering, VPN security, antivirus, antispam, antibot, and advanced intrusion prevention and detection functionality
Cybersecurity multinational Check Point has released its latest 700-series cybersecurity systems for small businesses, which draw on its international threat intelligence to provide up-to-date cybersecurity, says Check Point South Africa country manager Doros...
Daimler Trucks and Buses Southern Africa (DTBSA) saw a marked slip in new-vehicle sales in 2015 compared with 2014, with sales dropping from 5 897 units to 5 300 units. The decline came as the South African new truck and bus market declined from 31 558 units in 2014...
Group of 20 (G-20) economies threatened to penalise havens that don’t share information on their banking clients after the leak of the Panama Papers provoked a global uproar over tax evasion. The G-20 will consider “defensive measures” against financial centers and...
 
 
 
 
 
 
 
 
 
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 $149 Close
Subscribe Now for $149