Thursday, 23 March 2023

New trading system failure at Pakistan Stock Exchange

The Pakistan Stock Exchange (PSX) reverted to the previous trading system as a short-term measure to provide uninterrupted services to all brokers.

Previously, the Pakistan Stock Exchange (PSX) replaced the 20-year-old Karachi Autom­ated Trading System with the Designated Time Schedule (DTS), which it bought from China’s Shenzhen Stock Exchange (SZSE), on October 25. Subsequent sessions witnessed thin volumes as users complained about the absence of basic features and frequent pitfalls causing trade execution delays.

“The Pakistan Stock Exchange (PSX) IT team and the China’s Shenzhen Stock Exchange (SZSE) technical teams are working with the local vendor to address the issues in Jade Trading Terminal (JTT),” the PSX statement said.

“The PSX will initiate and organise market-wide testing before go-live,” it noted. “Once the matters concerning the front-end system are fully resolved, we expect to implement the new trading system in a few weeks,” it said.

Issues in the New System of Pakistan Stock Exchange (PSX)

According to the official statement by the Pakistan Stock Exchange (PSX), the main issues were related to the locally developed front-end interface Jade Trading Terminal (JTT) and the main trading platform from Shenzhen Stock Exchange met all the expectations.

The SCS Head of Strategy Faisal Shaji strongly suggested the PSX management to engage with the best local vendor to create a seamless interface for the new trading system to ensure its optimum utilisation instead of creating a bottleneck.

According to the PSX, the material issues in JTT include slow feed, delays in the updating of trade and disconnection. “The processing speed of the new system held true in the live environment.

The PSX claimed that the decision to go live on Oct 25 was taken after consultation with and mutual agreement of the stockbrokers’ association, the broker coordination committee, other leading brokerage houses and the Securities and Exchange Commission of Pakistan (SECP).

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