Trading Halted following technical failure of a Broker back-office system provider

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 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 today’s incident.

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