Technical breakdowns occur at MICEX for two days running, maintains SKB-Bank

23 April 2007 (10:28)

MICEX stock exchange was reported to stop operating within a few minutes of business on April 20, 2007.

‘Their official report said trading would resume at 12.40 AM (Moscow time) and stop at the usual COB time; the deadline for applications would be extended to 2 PM (Moscow time),’ says Alexander Sterkhov of SKB-Bank.

‘Russian Trading System index went up a little bit after the halt at MICEX, so we expect the business to resume with a slight gap up,’ he notes.

‘Besides, there was a technical breakdown a few minutes before COB on April 19, 2007 as well.’

This has been the second time for things to go wrong at MICEX within the last month: currency transactions stopped on April 12, 2007 because of a sudden dramatic increase in US dollar trading.

MICEX declared this would never happen again. ‘We’ve changed our trading schemes, so this can’t occur any time in the future,’ the company said.

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