The Philippine Stock Exchange (PSE) postponed its equities trading for an hour after a technical glitch hit their systems yesterday despite recent fix in the trading engine.
The schedule for Wednesday’s trading activity was moved from the regular schedule of 9:30am to 10:35am, the PSE announced in an advisory posted on its website.
This is the fourth trading stoppage at the local bourse since August 18.
According to PSE Chief Operating Officer Roel A. Refran, the pre-opening of the market was interrupted by a “database issue” that contained a set of broker information unavailable for exchange, urging the stock to push back time for database restoration.
He also explained that the new trading platform from NASDAQ OMX Group, Inc. had nothing to with the disruption, stressing that the engine is working perfectly.
However, Securities and Exchange Commission (SEC) Commission Secretary Atty. Armando Pan Jr. said in an interview that they are expecting the PSE to submit a full report detailing the series of disruptions that occurred on August 18, August 24, and August 25, including steps to undertake in preventing them from happening again.
The August 25 trading activity is the longest stoppage to date in PSE history that lasted for a total of five hours.
Despite the continuous halts in just a span of one month, the SEC won’t be denouncing sanctions or penalties against the exchange.
“Sanctions are not yet in the horizon because what is important is for PSE to take corrective actions,” said Pan.