Frankfurt stock market opening delayed due to technical issue

Source: Xinhua| 2018-10-15 19:45:00|Editor: Shi Yinglun
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BERLIN, Oct. 15 (Xinhua) -- Trading floors in the German financial hub of Frankfurt remained closed on Monday morning (CET) for longer than usual due to a technical issue experienced by stock market operator Deutsche Boerse.

Deutsche Boerse told press that disturbances of its electronic trading system "Xetra" had delayed the opening of its stock markets, including the DAX blue-chip platform on which many of Germany's largest corporations are listed.

The company pointed to communications protocols in the Xetra system as the source of the problem, ruling out external causes such as a hacking attack by cyber-criminals.

Shortly after 10 a.m. local time, the issue was resolved and trading began again as usual. The DAX entered the new week with further losses, dropping to the lowest level in two years with 11.483,30 points.

Aside from Frankfurt, the Xetra electronic trading system is also used in stock markets in Vienna, Prague, Budapest, Malta and the Cayman Islands. It was developed on the basis of technology first employed at the Shanghai Stock Exchange.

Germany's foremost capital market already suffered a previous outage back in March which caused disruption to a planned initial public offering (IPO) of the Siemens "Healthineers" subsidiary. Despite of only limited material consequence, repeated technical issues are not helpful for the reputation standing of Deutsche Boerse at a time when the stock market operator is trying to turn a page on the closely-watched failure of its acquisition of the rival London Stock Exchange (LSE) in 2017 and related legal investigations.

The deal unraveled as a consequence of the United Kingdom's decision to leave the European Union (EU) and has since witnessed the resignation of ex-chief executive officer (CEO) Carsten Kengeter amidst accusations of insider trading prior to the first announcement of the deal.

The Frankfurt state prosecution office is in the process of investigating the suspicious remuneration package in question received by Kengeter at the time.