I wonder what Porter thinks about this? ;-)
- Daniel
biz.yahoo.com
Tuesday March 7, 11:18 am Eastern Time
Traders fume at Toronto stock market's late opening
TORONTO, March 7 (Reuters) - The Toronto Stock
Exchange, Canada's largest bourse, delayed the opening of
trading until 10:30 a.m. on Tuesday after detecting systems
problems, leaving traders infuriated.
Traders were fuming, but the more than 200 Canadian stocks
that are interlisted on U.S. markets kept some of them busy.
``You can't trade, it's 10:30, we should be trading. It sucks,' said David Jarvis, a liability trader
at National Bank Financial. ``They can't handle the volumes.'
Jarvis said the TSE has proved itself unreliable in the past and Tuesday's glitch comes as no
surprise.
``It's frustrating,' said Peter Chandler, vice-president and director at Canaccord Capital Corp.
``You have this huge volume in penny stocks. Many are ex-resource companies that are being
reconfigured into dot-coms. The volumes are stretching the system to the max right now,' he
added.
This is at least the third system problem to crop up this year. Unprecedented volumes at the
opening bell wreaked havoc on the exchange's reporting systems on February 18. And on
February 22, the TSE, which introduced the world's first computerized trading system in 1977,
had to halt trading two minutes early when orders overran its order management system.
Investor infatuation with penny stocks was cited as one reason for heavy volumes, which strained
the automatic routing system that allows members to fill and confirm orders.
The exchange initially said it planned to open at 10 a.m. (1500 GMT) ``to allow for an orderly
market opening' but then extended the delay until 10:30 a.m. (1530 GMT). |
