Mexican stock investors couldn’t see updates on the benchmark IPC gauge early today, the latest technical breakdown for an exchange that has halted trading at least five times since mid-April because of glitches.
The data feed was re-established at 8:53 a.m. in Mexico City, 23 minutes after the opening, for the IPC and other gauges of Mexico-traded stocks, according to a statement from Bolsa Mexicana de Valores SAB, the operator of the exchange. The IPC rose 0.2 percent to 41,585.54 in local trading today. Bolsa Mexicana shares sank 3.2 percent to 29.07 pesos.
“In operating terms, this gives them a very bad image,” Jorge Lagunas, a portfolio manager who oversees about $150 million at Grupo Financiero Interacciones SAB, said in a phone interview from Mexico City. “The perception of investors is that in any moment there could be a disconnection.”
The Mexican exchange didn’t identify the cause of the issue today, when stocks traded normally even without the index updates. Trading was halted for five hours Nov. 19 after what Chief Executive Officer Luis Tellez said was the failure of a technological component bought from a unit of NYSE Euronext.
“Trading wasn’t affected at any time,” Jorge Alegria, the head of the bourse’s derivatives unit, said today in a telephone interview. “It was simply the real-time dissemination of the index, and there was no effect on operations.”
The stock exchange installed an internally developed processing engine in 2012 to increase transaction speed, although Tellez said in November the device hadn’t caused the errors and instead “auxiliary pieces” were often to blame.
The trading shutdown in November, the longest of 2013, occurred through the Financial Information Exchange software, known as FIX, supplied by NYSE Euronext, according to Enrique Ibarra Anaya, the Bolsa’s technology chief at the time. He left in December to become chief executive officer of Maxcom Telecomunicaciones SAB.