Dubai Financial Market system crash halts trading

Trading suspended on DFM for short period after systems malfunction on Monday

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By  Mark Sutton Published  September 16, 2008

Dubai Financial Market suffered a systems outage yesterday, that suspended trading for a few minutes.

In a statement issued by the market, DFM said that a minor systems malfunction caused the outage, and resulted in trading being suspended. The DFM, which opened for trading in 2000, operates a trading market for securities, government bonds, investment funds and other financial instruments.

No further details were given, and itp.net’s request for further information had not been answered at time of writing.

On Tuesday of last week, the London Stock Exchange suffered a seven hour system crash, which began at 9.15am, causing traders to miss what should have been a major day of trading after the US government took control of mortgage companies Freddie Mac and Fannie Mae. The exchange had expected around $30 billion worth of trading, but was only able to manage a fraction of that.

The crash was later blamed on network software.

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