Colombo Stock Exchange requests root cause analysis from System Provider

The Colombo Stock Exchange has requested a root cause analysis from the System provider Iron One Technologies Pvt Limited regarding a disruption to the order management system provided to four Stockbroker firms during trading yesterday (30), which resulted in trading difficulties to clients of these firms.

System providers are an integral element of a technologically driven, smoothly functioning capital market, especially in the perspective of investor accessibility.

The CSE stresses the importance of system providers taking all possible proactive and preventative measures to provide seamless services and access to investors.

“The exchange did not view completely limiting market access to local and international investors via a trading halt as a viable response to system difficulties faced by one system provider,” the CSE said in a statement.

“The CSE would like to reiterate that close supervision and monitoring of System providers would be done on a continuous basis. Furthermore, CSE also wishes to categorically state that a WhatsApp message being circulated alleging CSE manipulation in today’s trading is completely false and misleading.”