The Toronto stock market has missed an entire trading day because of computer glitches for the first time in its history. The exchange operator will say only that it intends to resume trading tomorrow morning. We will be working internally through the night and remain confident all systems will be restored and fully operational for business as usual tomorrow, Mark Jarrett, director of equity operations said in a statement.
Canadian stocks traded on other exchanges however, but still this type of technical difficulty is not going to help in restoring confidence.
This isn’t the first time the Toronto market has had to close however. You might remember that it was shut after September 2001 terrorist attacks. About a year before that, a flood of trading in Networks took the system down for about four hours. The difference this time is that it is created by technical difficulties. This is totally unacceptable for a country like ours to be experiencing these types of problems. A lot of investors were not able to make their trades today.
Fortunately, mutual fund clients, are able to sell and trade your investments even when events like these occur. Thus, another advantage of investment funds.