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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (609)10/24/1996 7:13:00 AM
From: Kerm Yerman   of 24925
 
CANADIAN OILPATCH / FINANCIAL

Wonder why some of your small companies didn't trade yesterday. I
reviewed quotes on my babies yesterday and none traded. I thought
the quote services were hung up. Well, here's the story.

October 23, 1996

COMPUTER PROBLEMS SHUT DOWN ALBERTA EXCHANGE

The Alberta Stock Exchange lost a full day of trading Wednesday
when its computers crashed just eight minutes into the session.
"By the time we were able to get at it and ascertain what it was and
provide corrections, we were into the day," said ASE president Tom
Cumming. "It seemed that the most appropriate and fairest thing to do
was to restart in the morning."
ÿ
The exchange, which trades an average of about 15 million shares a
day, is implementing a new computer system. The system came
periously close to crashing in May when investors, lured by the
potential of companies such as Bre-X Minerals and Cartaway
Resources, went on a some frenzied bargain-hunting that doubled
the number of trades.

"Our members are very, very concerned. This is their life and blood,"
said Cumming. "We've let them down today. It's a worst nightmare
when we're supposedly a stock exchange and if you don't have a
trading system working you're not a stock exchange."

Cumming had little to say about the reasons for the crash but
maintained he didn't think the problem was a design flaw in the
computer system.
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