Computer says no to German stock market traders

Traders work on the floor of the New York Stock Exchange (NYSE) (AFP pic)

FRANKFURT: Germany’s main stock market in Frankfurt opened an hour late Monday, as a computer problem hobbled operator Deutsche Boerse’s Xetra computer system for the second time this year.

“Trading only started at 10:00 am (0800 GMT) today” rather than 9:00 as usual, a Deutsche Boerse spokesman told AFP.

“Not all internal actors (at the stock exchange) or external market participants had access to the trading system,” he added. “The system shut them out.”

Trading from the stock market floor itself — less than 5% of the usual transaction volume — was possible from 9.00am, the spokesman said.

But important indexes like the DAX 30 blue-chip firms or the MDAX list of smaller companies were not updated until full access was restored.

Behind the delay was “a problem with the internal communication protocol in the Xetra-T7 system,” the spokesman said.

Introduced in June last year, the T7 technology is also used in other European stock markets like the Irish Stock Exchange.

In China, the Shanghai Stock Exchange is based on Xetra technology.

On its website, Deutsche Boerse describes the T7 version as “a new and innovative trading system representing low latency, high throughput and greater flexibility for the participants” in the market.

The firm’s archive of past emergency notifications shows Xetra last suffered a delayed opening on March 16, when trading was held up until 9.30am — delaying the flotation of industrial conglomerate Siemens’ medical technology subsidiary Healthineers.