CSE requests for root cause analysis from IronOne disruptions to trading

The Colombo Stock Exchange (CSE) has requested a root cause analysis from the system provider IronOne Technologies (Pvt.) Limited, regarding a disruption to the order management system provided to four stockbroker firms during trading yesterday, which resulted in trading difficulties to the 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 therefore stresses the importance of system providers taking all possible proactive and preventative measures to provide seamless services and access to investors,” a CSE statement said. 

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