December 18, 2008

Toronto Stock Exchange back in business

Red-faced officials with the Toronto Stock Exchange, North America's third largest market, said trading would resume Thursday after losing a day.

The exchange that trades an average $7.5 billion per day was open for just 18 minutes after opening Wednesday morning, throwing the investment community into a frenzy and redirecting trades to New York and elsewhere, the Globe and Mail reported.

The exchange issued a statement late Wednesday saying a computer firmware problem had been identified and fixed. The exchange's backup system also failed.

The Globe estimated the exchange lost about $800,000 in transaction fees on an average daily movement of some 400 million shares.

Stewart Hunt, managing director at ScotiaMcleod, told the newspaper he was relieved there were no major business developments Wednesday.

And maybe it was a blessing in disguise in the sense that it gave an opportunity for the market to take a bit of a breath, he said.