PSX takes steps to function normally, implements work from home

KARACHI: In the midst of the coronavirus outbreak and the lockdown in Sindh, the Pakistan Stock Exchange took steps on Tuesday to continue to function normally.

For the last two weeks, the PSX management with the help of SECP and in coordination with associated companies, SROs, NCCPL and CDC conducted tests and exercises of trading and technology functionality, risk management process drills and administrative precautionary measures,  a news statement said.

This was done for the safety of employees, TREC holders and investors, according to PSX.

On Monday, a mock trading session was held at the PSX with TREC holders and SROs. During this mock exercise, all the TREC holders were asked to log in from their respective remote locations.

Stock market processes like trading, clearing, settlement and risk management were all replicated to ensure they could work online.

The PSX also made ‘Work from Home’ arrangements and connectivity with the trading, clearing, settlement and depository systems of the SROs, for market operations starting Tuesday.

There has been an 85pc reduction in footfall and attendance at the PSX head office. Only 20 people were in the office on Tuesday, to handle critical functions, while over 200 people were mandated to work remotely from homes.

TREC holders were also requested to have few staff at their offices while remote access was facilitated.

In addition, the board of the PSX convened an emergency meeting on Tuesday, to review activity at the exchange. The board members were satisfied with the functioning of trading activities.

“There were no operational or settlement issues encountered, despite the challenges on account of the economic scenario and lock down due to the potential threat of the spread of the Covid-19 virus,” the exchange reiterated.

Simultaneously, PSX launched its new products, Exchange-Traded Funds virtually on Tuesday.

“The virtual soft launch of ETFs today demonstrates our commitment to continue operating normally and serve all our stakeholders, while keeping the safety of all stake-holders paramount,” the exchange said.