Technical glitches: PSX to revert to old trading system

KARACHI: The Pakistan Stock Exchange (PSX) on Saturday announced the bourse will revert to the old trading system — called Karachi Automated Trading System (KATS) — from Monday, November 1, ARY News reported.

The decision comes after chaos reigned in the shares market on Wednesday as “technical issues” caused by the newly adopted Chinese trading and surveillance platform forced the Pakistan Stock Exchange (PSX) to suspend trading for two and a half hours.

“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,” the PSX said in a statement.

“PSX IT team and the SZSE technical teams are working with local vendor to address the issues in JTT,” it added.

In a statement issued, the stock market said that the NTS is a state-of-the-art, robust, advanced trading and surveillance system having readiness for new products and additions.

“The SZSE NTS is working exactly as per specifications and is delivering in terms of its trading engine performance in a live environment,” it said.

It is pertinent to mention that the new trading system (NTS) — which has been procured from the Shenzhen Stock Exchange (SZSE), China — was officially launched on October 25.