ANZ’s share investing website has been overwhelmed by a surge in traffic, which has caused the website’s technology to fail and trades to be duplicated, including ETF trades.
As global panic about the coronavirus has caused the ASX 200, the country’s main share market gauge, to plummet a historic 30% in three weeks, ANZ Share Investing, one of Australia’s most popular trading websites, has seen a massive spike in trading activity.
ANZ’s website was unable to handle the surge, which caused severe delays in trading orders getting executed on its platform.
Traders would interpret these delays as a failure on their part to properly enter their trades, and would enter them again, causing duplicates.
This technical failure has hit Aussie ETFs, which have seen uniquely high trade volumes this week.
Panic sell-off shows limitations of junk bond ETFs
ANZ will likely profit from the technical failure, as they charge brokerage fees on the duplicated trades.
A spokesperson for ANZ told ETF Stream it has experienced some technical difficulties due to higher than usual activity and apologised for the slowness, adding the company was working to fix it.
