The Johannesburg Stock Exchange (JSE) said on Wednesday that problems with its closing stock prices didn’t cause any loss to investors as the bourse’s live feed was fine.
“All the stuff on live trading has been fine‚” Nicky Newton-King‚ CEO of Africa’s biggest bourse said in an interview.
No losses were incurred by clients as people trade on the live prices‚ she said‚ adding that the problem had since been resolved.
At the beginning of this month‚ the JSE completed a move of the computer systems that handle its trades from London to Johannesburg‚ to a platform known as Millennium Exchange‚ which offers greater speed and reliability.
Newton-King said the problem wasn’t the actual closing price‚ but the calculation of the change at the end of the day.
Instead of the end of the day's price being compared with the previous day’s‚ the price was being compared with the closing price two days earlier‚ she said.
The problem has since been resolved‚ she said.
“At the end of the day‚ we've been extremely irritated about it. We've had a couple of complaints from clients.”
The local bourse is in the process of investigating how long there’s been a problem with closing prices‚ she said. - I-Net Bridge