After technical glitches, SC tells Bursa to conduct systems review

BURSA Malaysia has to conduct a thorough systems review to ensure integrity and reliability after the stock exchange encountered two technical glitches within seven months, says Securities Commission Malaysia (SC).

The regulator took technical glitches very seriously, SC chairman Syed Zaid Albar said in a statement today, and “It is important they adopt best practices and latest technology to ensure continued seamless market operations.”

Bursa had assured the SC that the problem had been rectified, Syed Zaid said, adding that the commission had still instructed Bursa to look into matters such as scalability and recoverability “to minimise the risk of further issues in the future.”

Following the trading halt on the stock exchange on July 16, the SC said it had reviewed the incident and met with senior officials of Bursa to assess the measures taken to deal with the situation.

The July 16 glitch, which resulted in a trading halt, was Bursa’s second in seven months, the SC added.

“Trading was also halted in the last 15 minutes of trading hours on Dec 19, 2019,” SC said.

The commission will continue to “closely engage” with Bursa and other market participants and stakeholders to “ensure that the overall trading ecosystem and market intermediaries are offering reliable service to investors and end-users,” SC said. – July 30, 2020

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