Stock brokers demand urgent overhaul of PSX system to avoid operational suspension

December 15, 2023 (MLN): The Pakistan Stock Brokers Association (PSBA) has urged the government to take swift action to address inefficiencies in the newly launched and immature trading system at the Pakistan Stock Exchange (PSX) because if these inefficiencies persist, the association would have to suspend its operations.

The above-mentioned agenda was highlighted through a notice sent by the brokers' association to the caretaker finance minister, Dr. Shamshad Akhtar on Thursday.

"We regret to express our ongoing concerns regarding the consistent challenges faced due to the inefficiencies of the newly launched immature trading system at the PSX," the notice reads.

The association has expressed grievances that, despite its repeated communications through various channels outlining observations and issues encountered with the current trading system, it is still left in the dark regarding a satisfactory resolution.

In today's dynamic market environment, where trading volumes are consistently rising, it is astonishing that the reliability and efficiency of the trading system remain in question.

The inability of the system to function effectively has created significant challenges for us to address the concerns of our clients, particularly with the losses they have incurred as a result of these system inadequacies.

"It is quite regrettable to inform you that if this trend persists, we might be left with no alternative but to consider suspending our operations," the notice added.

Considering the gravity of the situation, the entity has urged the government authorities to take serious note of the implications this ongoing issue has on our business and the wider market.

It is of utmost importance that the urgency of this matter is acknowledged, and immediate action is taken to address and find a tangible solution to these challenges.

"Your prompt attention to this issue and your commitment to finding a satisfactory resolution will be deeply appreciated not just by our organization, but by the entire investor community," the notice concluded.

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