According to an SFE spokesperson, the Telstra "primary link", which acts as a "communication" between components of the exchange's automated trading system, failed, causing a halt to trading in the entire futures market.
"(The system failure) was a problem Telstra experienced," the spokesperson said.
The first system crash left futures traders unable to process trades between 11:15 and 11:30, the spokesperson said. The second failure occurred shortly after midday and was yet to be fixed at 13:40, they said.
The spokesperson said the "entire market" was affected by the outages, and that "no trader is more disadvantaged or advantaged than any other".
The spokesperson said it was unlikely that any trader lost money as a result of the crashes. Accordingly, Telstra would not be held liable for damages, they said.
"Our intent is to rectify the problem," they said. "It's not about apportioning blame."
The spokesperson said the SYCOM (Sydney Computerised Market) electronic system had been 99 per cent successful since its implementation by SFE in November 1999. All SFE futures trades are conducted by the SYCOM system, the spokesperson said.
The second SYCOM outage was expected to be fixed by internal staff early this afternoon.