Trading halt prompts PSE preparation for technical glitches

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THE Philippine Stock Exchange (PSE) is preparing measures against technical glitches that might hound the trading session in the days ahead.

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The exchange was compelled to call for trading halts last month, one lasting almost five hours, the longest in the PSE’s history, due to faulty data transmission.

Trading on the PSE was suspended on August 24 and 25 as certain transaction terminals encountered problems involving data transmission, the exchange said in a statement over the weekend. The PSE said the problem made it necessary to call for a trading halt so that the technicians could work on the servers and make space for more data.

The trading session was stopped from 10:02 a.m. until 2:55 p.m. on August 25. A day earlier, the main PSEi lost as much as 6.7 percent or 487.97 points to 6,791.01.

“The PSE deeply regrets the events that made it necessary to halt trading in the market and fully recognizes the need to implement measures immediately to address the technical issues it encountered,” the exchange said.

It emphasized that the trading halt “… was not imposed to stem the market’s drop. There were also no indications that the technical problem was in any way related to cyber security issues.

“It is the goal of the exchange to strive to provide full system availability and in instances when disruptions occur, it continues to commit to respond decisively to bring normal operations back to the market as soon as possible,” it added.

The problem was technical in nature and needed to be addressed from a holistic point of view, the PSE noted. “As such, the PSE will also review its relevant policies and procedures to identify ways to enhance its issue resolution protocols,” it said.

The PSE said that due to data transmission problems on August 24, trading was halted in order to free up load server capacity, eliminate inactive connections and refresh market data for the session to resume. Additional servers were installed.

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