27 Jun 2014

Glitch knocks out Stock Exchange

10:22 pm on 27 June 2014

New Zealand's Stock Exchange is damaging its credibility with too many technical glitches forcing it to halt trading, a stockbroker says.

Trading was halted for three hours on Friday. The NZX still hasn't specified exactly what the glitch was, but it resulted in no trading between 10.20am and 1.30pm.

Roughly $14 million is moved around per hour.

Mark Lister from Craigs Investment Partners says technical problems have been occurring far too much lately at and the latest incident comes at a terrible time in the business world.

Mr Lister said Friday is a typically quieter trading day, but Monday is the end of the June quarter so there has been a lot of activity.

"We've had two new companies come to market this week. Monday is the last day of the June quarter, which means there's a lot of portfolio rebalancing and buying and selling in the lead-up.

Mr Lister said the halts are very frustrating for traders and institutional investors.