NYSE Euronext plans to introduce a new facility next year that will improve communication and transparency in the event of an outage on its European cash markets.
From the end of March 2012, the exchange group will add an automatic communication service via its common customer gateway when trading is interrupted and also allow members to request the status of specific orders before trading resumes. The new services, which the firm says will enhance clients’ resychronisation of their order books if an outage occurs, will be available for the domestic French, Dutch, Belgian and Portuguese markets operated by NYSE Euronext.
NYSE Euronext has suffered a number of outages this year on both its equities and derivatives markets. Between 20-27 June the bourse experienced three glitches related to software, messaging and latency problems on its equity markets, while trading was also halted on its Liffe derivatives market in August.
Despite the outages, multilateral trading facilities such as Chi-X Europe or Turquoise failed to pick up market share as traders preferred to sit on the sidelines until the primary market was up and running again.
In September 2010, the London Stock Exchange revamped its own member communications process, with the introduction of a Live Service Portal that was introduced to disseminate real-time information related to the status of its main cash market, EDX derivatives exchange and Turquoise.