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Technology lets down JSE

By Leon Engelbrecht, ITWeb senior writer
Johannesburg, 21 May 2007

Traders lost an hour of trading time this morning when an unspecified network problem prevented clients from accessing the market.

The JSE Securities Exchange resumed trading at 10.15am, economist Dawie Roodt says. He adds the market initially fell when it re-opened but then gained.

No JSE official was immediately available to comment on the nature of the problem or the likelihood of its recurrence.

The JSE last month went live with TradElect, the London Stock Exchange's (LSE's) next-generation trading system. The adoption of the system was confirmed in March when the bourses signed a formal contract extending their technology and business partnership for a further five years.

The LSE has supplied the JSE with its trading system on an application service provider basis since May 2002.

Separately, Accenture and MTN Network Solutions recently completed part-implementation of "Project Orion", a 27-month scheme to replace the majority of the JSE's legacy IT systems and infrastructure. The solution, which was set to go live on 26 March, was expected to lower the total cost of IT ownership.

Related story:
JSE goes live with new trading system

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