Business

Shanghai bourse unit suffers temporary glitch in a market data system

A Shanghai Stock Exchange (SSE) unit said on Wednesday a market data system had resumed normal service following a temporary glitch that had led to abnormal data being supplied to information providers.

In early trading on Wednesday, some investors complained in social media of abnormal data on various stock trading platforms, which affected their investment.

The SSE InfoNet Ltd, which provides data services to SSE, brokerages, and investors, said in a statement that following warning signals generated by its “Level-2” market data system at 9:45 a.m. local time (0145 GMT), the company switched to an emergency backup system, and the services turned normal before afternoon trading.

The “Level-2” system provides more rich and frequent trading information than the traditional “Level-1” system, which the InfoNet said was not affected.

The InfoNet also said that Shanghai market trading was not affected by the system switch, after checking with the SSE.

However, many investors reported their trading platforms crashed or showed abnormal market data in the morning and complained about losses caused by the breakdown.

“Indeed, I realized there was a problem after several times of failure to recall my order,” commented one user on the Weibo social media platform.

“Can I get my losses refunded?” asked another Weibo user.

This technical glitch came a day after a fat-finger incident in China’s financial futures market.

On Tuesday, a CSI 1000 (.CSI1000I) stock index futures contract maturing in November plunged 10% at open.

“After checking, it was due to one customer’s unfamiliarity with their trading software,” the China Financial Futures Exchange said in a statement.