CSE takes action after technical failure affected 14 brokers

The Colombo Stock Exchange (CSE) has called for an immediate review of the system failure of a vendor which affected 14 brokers today (29).

A trading halt was imposed on the market at 12.07 p.m. today following a technical failure of a broker back-office system provider which was brought to the attention of the CSE.

The broker back-office systems are operated by independent systems vendors who provide these directly to stock brokering firms.

Although the failure did not impact the operating systems of the CSE itself, it affected 14 brokers’ ability to access the stock market, thereby impacting all of their investor clients.

The imposition of the halt was to ensure that a fair and orderly market is maintained where a substantial majority of investors operating through all broker firms have equal access to participation.

Regular trading was enabled at 12.45 p.m. immediately once the system was restored and confirmed to the CSE.

The CSE said it will be calling for an immediate review of the system failure of the vendor in question with a view to ensuring accelerated remediation of the causes that led to today’s incident. (Colombo Gazette)