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Home Business & Stock

PSX reverts to older trading system after technical glitches

MM News Staff by MM News Staff
October 31, 2021

KARACHI: The Pakistan Stock Exchange (PSX) has announced reverting to the previous trading system as a short-term measure after the new system encountered technical glitches.

In a statement, the Pakistan Stock Exchange said it had implemented the new trading system (NTS) procured from the Shenzhen Stock Exchange (SZSE), China, and went live on Monday, October 25, 2021.

The system is a state-of-the-art, robust, advanced trading & surveillance system having readiness for new products and additions. The SZSE NTS is working exactly as per specifications and is delivering in terms of its trading engine performance in a live environment, it said.

During the week, the average order processing latency was seen at about 1.74 ms, the actual peak order speed after going live was 387 orders per second and the total trades achieved were about 600,000 per trading day on the NTS. “The designed capacity far outweighs the peak actual value after going live,” it added. 

However, the stock market said “some material issues” have been encountered in the Jade Trading Terminal (JTT), which is the front-end Order Management System (OMS) developed by a local vendor on broker’s demand.

READ MORE: PSX holds gong ceremony to mark World Investor Week

It noted that most brokers also have other OMS’ and KITS terminals to trade on the NTS as well. Hence, during this week 1.98 bn shares have traded on PSX’s NTS.

The statement said the implementation of such a complex new system is a monumental task to ensure that there is no interruption of service to all market participants. it added that 18 mock sessions were held before going live while the live environment presents its own unique set of challenges..

In order to address the concerns with JTT, PSX, in consultation with brokers and SECP, is reverting to the previous system (KATS) as a short-term measure to provide uninterrupted trading for all brokers.

“PSX IT team and the SZSE technical teams are working with local vendor to address the issues in JTT. PSX recognizes the commitment, devotion, selfless effort and support extended by the SZSE technical team.”

“PSX may opt to adopt SZSE’s trading terminal for TREC-Holders and end users at switchover as a part of NTS. PSX will initiate and organize marketwide testing before go-live.” It said once the matters concerning the front-end system are fully resolved, the bourse expects to implement the NTS in a few weeks.

Tags: PSXstockStock Market
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