When the global stock market was in a plunge mode, the world's eighth largest stock exchange Toronto Stock Exchange suddenly announced that it would suspend stock trading due to "technical issues", which triggered a lot of speculation in the market.
At 3:00 a.m. on February 28, Beijing time, TMX Group, the parent company of the Toronto exchange, announced on social media that due to the failure of the order system, the Toronto Exchange, the Toronto GEM market and the Alpha trading system have stopped trading. Investors are currently unable to submit, adjust or cancel existing orders. After troubleshooting, investors will be given sufficient pre-market trading time to adjust the order.
public information shows that according to the market value ranking at the end of 2018, the market value of stocks listed on the Toronto Exchange was US$2.24 trillion, ranking eighth in the world.
According to information disclosed by public funds, the stocks traded in Toronto accounted for less than 65 million yuan of domestic funds' foreign investment as of the mid-term last year, accounting for less than 1%. In contrast, many listed companies in A-share and Hong Kong stocks have close ties with the Toronto Exchange.
The Toronto Exchange suspended trading due to concerns about stock selling?
Affected by the suspension of the Toronto Stock Exchange, the Montreal Stock Exchange, Canada's only financial derivatives and futures exchange, also announced the suspension of the market on the same day. Montreal Exchange was acquired by the Toronto Stock Exchange for $1.3 billion in 2008.
The Toronto Exchange is the largest stock exchange in Canada, mainly located in energy stocks, technology stocks and environmental protection stocks. In 2017, it signed a memorandum of understanding on cooperation with the Shenzhen Stock Exchange of China to jointly carry out cross-border product and index research, promote capital market cooperation, and serve the development of technological innovation enterprises in the two countries. According to the market value ranking at the end of 2018, the market value of stocks listed on the Toronto Exchange was US$2.24 trillion, second only to the Shenzhen Stock Exchange, ranking eighth in the world.
The Toronto Stock Exchange owner TMX Group explained that the exchange has suspended trading due to "technical issues". Some market analysts believe that panic selling may have been triggered due to concerns about the coronavirus. It is reported that before the suspension of trading, the Toronto Stock Exchange trading volume had exceeded the 30-day average. More than 232 million shares changed hands this Thursday, more than 231.1 million shares with a 30-day average, according to FactSet.
Regarding this emergency, TMX said that it will suspend trading in three trading sectors at 1:50 pm East Coast time. To enable participants to effectively manage their trading instructions, the market will reopen in a pre-market period. The Toronto Stock Exchange will announce the reopening time later. According to the announcement, the exchange will not accept new trading instructions, and the submitted trading instructions are not allowed to be cancelled. Before
was suspended, due to the impact of the new crown epidemic, the North American market represented by US stock has suffered a heavy blow, and the panic effect has spread throughout North America. The day before this "system failure", the Toronto SP/TSX composite index in Canada fell 0.79%, setting a new low in a month. In the US stock market on February 28, the Dow Jones Industrial Average and S&P 50 both fell by 4.4%, Nasdaq fell by 4.6%, Nasdaq and S&P 500 hit August 2011, which is also the largest single-day decline in eight years.
Three days ago, the National Center for Immunization and Respiratory Diseases under the US Centers for Disease Control and Prevention stated that the new crown pneumonia epidemic is expected to spread widely in the United States, but at the same time said that the extent of the government's threat to the epidemic is not completely certain.
The Canadian market is closely linked to the US stock market. Anda analysts believe that the North American market is currently concerned about whether the turning point of the epidemic has indeed appeared, and a certain amount of short bets will flow into it once confirmed. Mark, chief economist at Moody's analysis company, stressed that the new crown epidemic threatens the global economy, and if the new crown pneumonia develops into a pandemic, it is likely to lead to a global recession, which is disturbingly high.
public funds have reduced the investment ratio of the Toronto Exchange market
Toronto Exchange stocks account for a very small proportion of foreign investment in China's QDII funds. With the decline in the position of resource stocks in QDII fund investment, a number of global resource QDII funds announced liquidation, and the proportion of Canadian Toronto Exchange in domestic QDII funds overseas investment has gradually declined.
According to a reporter from Securities China, as of the end of the second quarter of last year, the QDII fund under Chinese fund company invested less than 65 million yuan in the Canadian stock market, and less than 1% of the investment ratio of QDII fund.
However, compared with public funds downplaying their layout on the Toronto Exchange, A-share listed companies seem to have close ties with the Toronto Exchange. Several A-share listed companies have acquired listed companies on the Toronto Exchange. At the same time, the Canadian exchange itself also has large-cap Chinese stocks listed in the US.
On February 28, A-share listed company Zijin Mining issued an announcement that the company had disclosed the "Announcement on the Acquisition of Mainland Gold Co., Ltd. in Cash" on December 3, 2019. The company will acquire 100% of the equity of Mainland Gold Co., Ltd., a listed company listed on the Canadian Toronto Exchange at a price of CAD 5.50 per share through a subsidiary established by its wholly-owned subsidiary Kingsoft (Hong Kong) International Mining Co., Ltd., at a price of CAD 5.50 per share, with a total consideration of approximately CAD 1.33 billion. The company will introduce partners to jointly invest in the future.
China's largest offshore oil explorer CNOOC is more well-known on the Toronto Exchange, which was listed on the Toronto Stock Exchange in September 2013, and CNOOC's trading code in Toronto is CNU. Prior to this, CNOOC also acquired Canadian energy stock Nixon for $15.1 billion.
In addition, listed company Jiangxi Copper issued an announcement in October 2019 stating that the company holds 45% of its associates bought approximately 6 million shares of FM, a mining stock on the Toronto Exchange through its wholly-owned subsidiary PCH.
Global Exchange "Fault Problems" have become commonplace? The " downtime " incident on
exchange has occurred in the past few years.
Tokyo Stock Exchange is one of the exchanges with the most system failures. On the morning of October 9, 2018, due to a failure in the stock trading system, some securities companies such as SMBC Nikkei Securities were unable to conduct transactions. On the morning of February 2, 2012, the Tokyo Stock Exchange system also malfunctioned, causing 241 listed stocks including Sony and Tokyo Electric to stop trading.
Singapore Exchange also experienced system failures many times. On July 14, 2016, due to serious system failure, the Singapore Exchange closed early after trading on that day just over two hours. In November 2014, the Singapore Exchange suspended trading for nearly 3 hours due to uninterrupted power supply system failure. After that, the Singapore Exchange suffered a technical failure in trading system due to software upgrades, and the opening was postponed.
Nasdaq Exchange also suffered a serious technical failure in August 2013, causing the exchange's stock trading to be completely paralyzed. Listed companies including Apple, Google, and Microsoft had to stop trading. Within three hours when they could not trade, the incident frozen more than US$5.7 trillion in market value. At that time, there were many statements pointing to the causes of IT technology failure and high-frequency trading.
India's second largest exchange Mumbai Stock Exchange also encountered a network failure on the morning of July 3, 2014 and was forced to suspend trading. This was the second system downtime in a month. In June 2014, the exchange also encountered a technical failure, resulting in a nearly one hour of real-time data blanking.
On the afternoon of November 29, 2018, the Shanghai Futures Exchange trading system failed. The Shanghai Futures Exchange stated on its official website that from 13:30 on November 29, 2018, the trading system failed, causing the trading permissions of all varieties of member units to be closed, making it impossible for all member units and investors to trade normally. After emergency investigation and elimination of the fault, the trading system returned to normal at 13:52:30, and member units and investors traded normally. They deeply apologized for the impact of the failure of this trading system on the market.
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