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The Daily Photoist: November 24, 2009
After rising 262 points (3.1%) yesterday on the Federal Reserve's decision to slash interest rates, the TSX has been shut down all morning and afternoon. What was supposed to be a small glitch has turned into a major blackout and no one seems to know why. Luc Bertrand, Deputy CEO of TMX Group (which runs the TSX) appeared on BNN at 1 p.m., three and a half hours after the market was supposed to open, and he deflected any direct questions about the cause. Sadly, it appeared as though even he may not know the root of the problem. With markets expected to be shut all day, it looks like Canadians are going to have to get used to the forced closure of yet another national institution.
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Torontoist is not a national institution.
Don't worry, we're not that vain!
The Parliament of Canada is the other national institution that has been forced to close (or prorogued, to be specific).
This is pretty much the equivalent of hiding under a pile of coats and hoping the whole thing blows over.
Seriously though, it's mind boggling that the TSX operates on a system that has the potential for errors that inexplicably 'happen', and can't be fixed within a time frame with appropriate respect to the importance of the TSX function.
"...it's mind boggling that the TSX operates on a system that has the potential for errors that inexplicably 'happen'..."
I don't want to stick up for them too much without seeing any details, but all complex systems are subject to unexpected failures from time to time.
If nothing else, this should remind people that it's not as though the whole world crumbles into dust when we're forced to go without THE MARKET (!!) for a day or so.
With parliament closed and the economy on pause, is Canada even a country?