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PSE cancels trading due to technical issue

Business

PSE cancels trading due to technical issue

By James A. Loyola

The Philippine Stock Exchange has cancelled trading for Tuesday, Jan. 3, after failing to resolve a technical issue that prevented 43 brokers from connecting to the bourse’s trading system.

The PSE initially announced a delay in market opening “due to a technical issue that is currently being resolved Among the 125 trading participants of the PSE, 43 are unable to connect to the Exchange’s trading engine.”

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PSE President Ramon S. Monzon said “Article VIII, Section 2 of PSE’s Revised Trading Rules states that the Exchange may halt the trading in the market if at least one-third (1/3) of the trading participant-users cannot access the trading system.”

However, after failing to resolve the issue after delaying the market’s opening all morning, the bourse announced at lunchtime that trading is cancelled for January 4, 2022.

PSE President Ramon S. Monzon

Monzon said this is “due to technical problems encountered in establishing connection between the NASDAQ trading engine and the Flextrade front-end system.”

“PSE continues to work and coordinate closely with representatives of NASDAQ and Flextrade to identify the underlying cause of the above-described production issue and come up with the appropriate solution,” he added.

The PSE did not say whether trading will resume on Wednesday, saying only that, “We are sorry about this unfortunate incident and we are exerting all efforts to resolve the problem.”

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Ramon S. Monzon Philippine Stock Exchange

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