A trading halt was imposed on the market at 12.07 p.m. yesterday, January 29, following a technical failure of a Broker back-office system provider, which was brought to the attention of the Colombo Stock Exchange (CSE).
The Broker back-office systems are operated by independent systems vendors who provide these directly to stock broking 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 as the system was restored and confirmed to the CSE.
The CSE 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 yesterday’s incident.
Colombo Stock Exchange (CSE):
The Colombo Stock Exchange (CSE) operates the only stock market in Sri Lanka and is responsible for providing a transparent and regulated environment where companies and investors can come together.
The CSE is a company that is limited by guarantee established under the Laws of Sri Lanka. The CSE is licensed by the Securities and Exchange Commission of Sri Lanka (SEC) and is a mutual exchange consisting of 15 Members and 15 Trading Members.
All Members and Trading Members are licensed by the SEC to operate as Stockbrokers. For more information, please visit: www.cse.lk.
