The Philippine Stock Exchange (PSE) has reported that the technical glitch that halted market trading on Wednesday was due to brokers’ inability to connect to the local bourse’s trading engine.
The PSE in a statement late Friday night said at least one-third of the trading participants failed to connect to the exchange’s front-end order management system (FEOMS).
Some of these traders also failed to send orders to the trading system.
The FEOMS sends buy and sell orders for processing to the trading system.
“The underlying cause of the aforementioned problem was in relation to the mobile trading application and its process of authenticating all accounts, including the inactive ones that have not accessed their four silos in the FEOMS, which experienced stalled process given the iterative authentication steps,” the local bourse said.
As a result, market trading was halted from 9:32am to 11:55am on Wednesday.
To avoid a similar situation, the PSE and FEOMS developers have implemented a design optimization on the mobile trading application and are diligently working on further enhancements for deployment.
“PSE remains steadfast in its commitment to engage with all stakeholders and service providers towards continuously improving and future-proofing is products, systems, and services for the investing public.
It can be recalled that the PSE also halted trading in January 2022 also due to technical glitch that affected 43 stockbrokers.
