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NYSE-Supplied System Led to Five-Hour Mexican Trading Halt

Mexican Stock Exchange
A woman walks on the trading floor of the Bolsa Mexicana de Valores (BMV), at the Mexican Stock Exchange building in Mexico City. Photographer: Susana Gonzalez/Bloomberg

Mexico’s five-hour stock trading stoppage yesterday was caused by a failure with a component bought from a unit of NYSE Euronext, said Luis Tellez, chief executive officer of the country’s exchange.

The exchange had to halt transactions from 8:54 a.m. to 1:52 p.m. Mexico City time yesterday to resolve a communication error, Tellez told reporters today at the stock exchange.

The trading stoppage was at least the fifth since mid-April and follows Bolsa Mexicana de Valores SAB’s installation of an internally-developed processing engine in 2012 to increase transaction speeds.

“What the Bolsa has developed hasn’t caused failures,” Tellez said. “It’s the auxiliary pieces that we have purchased.”

IntercontinentalExchange Group Inc. bought NYSE Euronext this month, and yesterday said it plans to sell technology businesses owned by the acquired company.

Officials from NYSE Euronext are working with Bolsa Mexicana to identify and correct the issue, said Eric Ryan, a spokesman for the New York-based company.

Bolsa shares fell 2 percent to 30.26 pesos today in Mexico City.

Enrique Ibarra Anaya, Bolsa Mexicana’s technology chief, said in an interview today from Mexico City that the error occurred through the Financial Information Exchange software, known as FIX. The error was identified when trading opened yesterday and some brokerages began experiencing slow response times from FIX systems, according to Ibarra Anaya.

‘Slow Performance’

“It didn’t generate functionally incorrect behavior but rather a slow performance,” Ibarra Anaya said.

Ibarra Anaya said the Mexican stock exchange is considering replacing the FIX system as part of a technological update. He is planning to leave the exchange next month to become chief executive officer of Maxcom Telecomunicaciones SAB.

ICE Chief Executive Officer Jeff Sprecher said this week that he will exit some NYSE technologies businesses after acquiring the company this month. NYSE is among exchange operators that have helped other bourse owners develop the computer systems that drive their own markets. Other providers include Nasdaq and London Stock Exchange Group Plc.

Exchanges including Nasdaq OMX Group Inc. and London Stock Exchange Group Plc compete with NYSE to sell technology to other markets.

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