Bursa: Request to cancel KLK trade was denied

  • Business
  • Tuesday, 29 May 2012

We refer to the commentary entitled “More than an error?” published in StarBizWeek’s Optimistically Cautious column on May 26.

Bursa Malaysia wishes to clarify that the request to cancel the trade for the Kuala Lumpur Kepong Bhd (KLK) shares in question on May 11 came from a participating organisation (PO). We notified the PO on the same day that the request to cancel the trade could not be considered. The PO was advised to take the necessary steps to settle the error trade. Apart from information publicly available, details of our market operations are confidential. However, the parties involved in the trade were informed of the steps taken.

We wish to clarify that the error arose as a result of an internal matter at the PO. The exchange has required the PO to take steps to prevent a recurrence of such incidents.

As a stock exchange operator, Bursa Malaysia places significant emphasis in ensuring access as well as the safety and security of trading that takes place in the market. We would like to assure the investing public that the exchange takes a comprehensive approach in the operation of an enduring marketplace that promotes high standards of integrity and confidence.

Elain Mariman

Acting head, strategic communications

Bursa Malaysia

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