The Pakistan Stock Exchange (PSX) confirmed that starting Monday, November 1, the exchange will switch back to the old trading system, known as Karachi Automated Trading System (KATS).
The announcement comes after the Pakistan Stock Exchange was forced to delay trading for two and a half hours on Wednesday due to “technical problems” triggered by the newly adopted Chinese trading and surveillance platform, read a press release.
In the statement issued, PSX noted that:
Implementation of such a complex 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.
The PSX IT team and the Shenzhen Stock Exchange (SZSE) technical teams are working with local vendors to address all issues in the Jade Trading Terminal (JTT). In due course, the SZSE trading terminal may be deployed as part of the new trading system (NTS). Marketwide testing will be initiated before re-deploying the new system, explained the stock exchange.
Prior to the aforesaid development, the PSX had procured the new software from the Shenzhen Stock Exchange for $2.85 million. The procurement was intended to increase security against data leakages and theft attempts, safeguard the data of the investors and integrate the national market with regional and international stock markets.
However, last week, investors lost millions of rupees due to the technical glitches in the new platform.