October 31, 2021 (MLN): Pakistan Stock Exchange (PSX) has decided to revert to the previous system, Karachi Automated Trading System (KATS) as a short-term measure to provide uninterrupted trading for all TREC-Holders.
The decision came after facing backlash from market participants since they are continuously suffering from technical bugs while consummating transactions.
To recall, the New Trading System (NTS), procured from the Shenzhen Stock Exchange (SZSE), China, had gone live on October 25, 2021, in order to integrate local bourse with regional and international stock markets while ensuring improved security features for better safeguarding investors’ data.
Presently, the PSX's IT team and the SZSE technical teams are working with the local vendor to address the issues in Jade Trading Terminal (JTT).
“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 is pertinent to mention that 18 mock sessions were held before go-live. The live environment, however, presents its own unique set of challenges,” a statement by PSX stated.
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 TREC-Holders.
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 market wide testing before go-live, it added.
