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TSX says ‘hardware failure’ to blame for Friday outage, not cyber attack

News Staff and The Canadian Press | posted Monday, Apr 30th, 2018

The TMX Group says Friday’s early shutdown of its exchanges in Toronto and Montreal was due to a hardware failure and not the result of a cyber attack.

The company said in a statement on Saturday that the outage began just after 1:30 p.m. Friday afternoon due to a failure in a central storage appliance of the trading system.

The issue prompted the TMX group to shut down its exchanges at 3 p.m. Friday, with the last data reading showing the S&P/TSX up 31.34 points at 15,668.93.

“This hardware failure impacted both the primary and the redundant components preventing storage failover procedures from engaging,” read the statement.

It says that due to the timing of the incident, it was impossible to implement disaster recovery systems in time to reopen on Friday.

“This incident was not the result of a cybersecurity attack.”

Besides the Toronto Stock Exchange, which primarily handles equities of some of Canada’s biggest companies, the company also operates the TSX Venture Exchange, the TSX Alpha Exchange and the Montreal Exchange, which is Canada’s largest market for trading derivatives.

The Canadian Securities Exchange, a much smaller operation under different ownership, was unaffected.

“We apologize to all of our valued clients across Canada’s capital markets and around the world,” TMX CEO Lou Eccleston said in the Saturday statement.

“TMX is committed to applying the lessons learned from this incident to help us prevent such issues from recurring in the future.”

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