Technical glitch hits MSM trade

MUSCAT: The Muscat Securities Market (MSM) announced that a technical failure which disrupted the trading system at the beginning of trading session yesterday was successfully rectified and that trading resumed later. As a result of the technical breakdown the pre-open session was delayed until 10:37 am and ended at 10:50, then the trading session began and ended at 1:50 pm. Mustafa Ahmed Salman, Board Chairman, United Securities, said the glitch lasted for about half an hour before it was fixed by the MSM administration.Any trading system can experience such a breakdown and effect was limited as no transactions were cancelled and the buy and sell orders weren’t affected.

The MSM administra-tion has not yet announced the cause of the breakdown. A similar glitch occurred in March last year and rendered the MSM electronic trading system irresponsive, forcing cancellation of the trading. That was the first technical failure to have occurred at electronic trading system since it was first introduced in 2006. Last year, the MSM has announced that it signed an initial agreement with Euronext for the provision of a modernised electronic trading system which is expected to be operational at the beginning of next year.

SOURCE: OMAN DAILY OBSERVER

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