Delay in Europe Indexes Open Causes 'Angst'
Stock market operator NYSE Euronext on Thursday delayed the opening of its stock market indexes, attributing the late start of trade to technical issues which caused "aggravation" and "angst" among traders.
NYSE Euronext said the glitch was preventing all members from entering orders on the regulated market.Trading resumed at 10:00 a.m. CET.
Alastair McCaig, market analyst at IG Markets said the delays were a "missed opportunity."
"As such we didn't feel that we could offer that service to our clients, as a spread better and facilitator to market access, so we had to suspend our service until they came online again. We have lost business on the back of it," he added.
Besides France's CAC index, the issue affected indexes in Brussels, Amsterdam and Lisbon.
Ishaq Siddiqi, market strategist at ETX Capital said the activity in markets the night before meant traders were eager to get started this morning, but were forced to wait.
"Wednesday's big move on the DJIA which sent the index down to post its second biggest yearly fall and the Nikkei's extended losses geared us up for a busy morning. Clients wanted to get out of positions but could not and had to wait, causing angst," said Siddiqi.
"That said, the glitch hasn't affected our trading day," he said.
"The market is reacting pretty well given all things - stocks are stabilizing at the moment. It's a big day of events so traders and clients are putting the issue aside and preparing for the next episode of central bank meetings, U.S. jobs data," he added.