SC instructs Bursa to carry out thorough systems review


  • Markets
  • Thursday, 30 Jul 2020

Trading was halted at 3.30pm on July 16 and only resumed the next day.

KUALA LUMPUR: The Securities Commission has instructed stock market operator Bursa Malaysia to conduct a thorough systems review, including scalability, resilience and recoverability, to minimise the risk of further issues in the

future.

The SC issued the statement on Thursday after reviewing the report on the trading halt on July 16 and meeting with Bursa Malaysia senior officials to assess the measures being taken to address the situation.

It said the incident was the “second system glitch” resulting in a trading halt that has occurred in seven months.

Trading was halted in the last 15 minutes of trading hours on Dec 19,2019. On July16, trading was halted at 3.30pm and only resumed the next day.

SC chairman Datuk Syed Zaid Albar said: “We take occurrences of technical glitch at our market infrastructures including Bursa Malaysia very seriously. In view of the critical role they play in our market, it is vital that their systems

remain resilient and always available.

“It is important they adopt best practices and latest technology to ensure continued seamless market operations. The management of Bursa Malaysia has assured the SC that the problem has been rectified.

“Nonetheless, the SC has instructed Bursa to conduct a thorough systems review, including scalability, resilience and recoverability, to minimise the risk of further issues in the future.”

He said the SC would continue to closely engage with Bursa Malaysia, as well as other market participants and stakeholders to ensure that the overall trading ecosystem and market intermediaries are offering reliable service to investors and end users.

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