Sunday, January 22, 2012

SEC to remove price bands after trading system upgrade

The Securities and Exchange Commission (SEC) will remove price bands once the Colombo Stock Exchange (CSE) goes online with its Automated Trading System (ATS) upgrade with ATS Version 7 next month, SEC officials said.

"We will replace this with circuit breakers," an SEC official said. The CSE postponed the ATS upgrade amidst some resistance from the stock brokers, early this month.

 "This has to be done as the hardware in our system is outdated. We cannot afford another system crash like last year," a CSE source said, adding that last year on September 19 the system went out of control and was not reflecting the actual prices of some shares after it started functioning.

He said the regulator cannot remove price bands (which was also a recent request from the brokers till the Colombo stock Exchange's (CSE) trading platform is upgraded.

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