Toronto's main stock exchange operator, TMX Group Ltd, made a decision to shut down the market after the technical issues came into play and through several Tweets on Twitter, said that all those participating in the market on Friday were "equally impacted and are unable to connect to our exchanges". "We expect to resume trading at regular hours on Monday, April 30, 2018".
TMX Group later released a statement saying they had identified the issue that caused the outage, but did not provide any specifics on the matter.
The Toronto-based company first flagged the issue on Twitter shortly after 2 p.m. EDT (1800 GMT), updating numerous times through the hour to say the issues were persisting and that an investigation was ongoing.
More than 177 million shares were traded on the Toronto Stock Exchange before trading was shut down, according to FactSet.
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"In my 42 years in the business, this may have happened in the past, but if it did, I can't remember it", said Norman Levine, managing director at Toronto-based Portfolio Management Corp. Trading continued on other exchanges throughout Canada, including Nasdaq's exchanges.
The operator said later Friday that all trading would be suspended for the rest of Friday as crews were unable to solve the outage.
"TMX is committed to applying the lessons learned from this incident to help us prevent such issues from recurring in the future", TMX Group CEO Lou Eccleston said.
The problem began affecting the Montreal Exchange at 1:37 p.m. ET, and began hitting the TSX less than two minutes later.