ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided launch an inquiry into the suspension of share trading of the Pakistan Stock Exchange (PSX) for around two and a half hours in the middle of the session that occurred on Wednesday.
Sources said that SECP has constituted a three-member team to inquire into the matter.
The PSX on Monday had made the changeover to the NTS; however, it experienced hiccups due to some glitches in the jade trading terminal.
“Most of the technical issues pertaining to the JTT have been resolved; however, if the glitches still persist then the old version could be restored,” sources said.
Sources said that the halting of the New Trading Engine was also discussed in the last federal cabinet meeting and relevant officials briefed the Cabinet over the newly installed system.
It is pertinent to note that SECP Chairman Aamir Ali Khan also holds the portfolio of Commissioner Securities Market Division, the most coveted post which is responsible for the regulation of capital markets.
Meanwhile, refuting the rumours of flaw in the new trading system, the PSX has said that the new trading engine (NTS) was working exactly as per the specifications.
“The processing speed of the system held true in the live environment,” the statement highlighted, adding that around 580 million shares were traded in the market on Thursday.
The NTS was procured from the Shenzhen Stock Exchange (SZSE) and deployed on October 25, 2021 at the PSX.
The additional benefit of the NTS was system-readiness for new products and additions, according to the statement. However, teething issues were experienced, which are common with any major technological transition.
Prior to the deployment, 18 mock trading sessions were held for all brokers.
The concerns, enhancements and issues highlighted by the broker committee were examined by PSX and the Securities and Exchange Commission of Pakistan (SECP).
PSX and the local vendor are working round the clock, with the full support of SZSE, to resolve the remaining issues in JTT and we expect the trading experience to continue to improve. We are in constant touch with SECP and the brokers and are working in full coordination with them to resolve all issues. We appreciate the understanding and patience of brokers, investors and SECP as we work through the issues and deliver NTS, which is critical for the growth of Pakistan’s capital markets, the statement.
