expat_loyal
Councller (250+ posts)
The recent vacillation at the Pakistan Stock Exchange following the hastened launch and the eventual withdrawal of the long-awaited trading system created a huge buzz on both mainstream and social media globally. The existing Karachi Automated Trading System, or simply known as KATS, has long been declared outdated and reportedly contains many loopholes and security lacunas that pose a serious risk to the integrity and reliability of the financial market of the country. The widespread rumors about the data leaks and lack of stringent surveillance capability are some serious issues that cannot be ignored for long.
It was not just the introduction of a new system with unresolved issues but also the timing of the launch which created a negative vibe in the market. The timing coincided with the rollover week and also placed a dampener on the anticipated bull run following the successful trip of Prime Minister Imran Khan to Saudi Arabia and a political settlement between the government and the Tehreek-e-Labbaik Pakistan (TLP).
According to the official statement by the PSX, the main issues were related to the locally developed front-end interface Jade Trading Terminal (JTT) and the main trading platform from Shenzhen Stock Exchange met all the expectations. The SCS Head of Strategy Faisal Shaji strongly suggested the PSX management to engage with the best local vendor to create a seamless interface for the new trading system to ensure its optimum utilisation instead of creating a bottleneck.
https://tribune.com.pk/story/2328327/new-trading-system-fiasco-at-psx
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