NAIROBI, Kenya
The Nairobi Securities Exchange failed to trade today due to a network failure in the automated trading system. The Central Depository and Settlement Corporation (CDSC) and the Nairobi Securities Exchange (NSE) issued a joint press statement saying they are working to ensure resumption of trade tomorrow.
“Today, October 29 2013, there were no trades in the market due to a technical hitch,” they say in the statement. “The Central Depository and Settlement Corporation (CDSC) and the Nairobi Securities Exchange (NSE) are working hand in hand to ensure resumption of market operations tomorrow Wednesday October 30, 2013. We shall keep all our stakeholders appraised on any new developments. We sincerely apologize for any inconveniences.”
The NSE Automated Trading System (ATS) connects remotely to stockbrokers, allowing them to trade from their offices. The last time the NSE experienced hitch was on October 1 this year when the market lost three-and-a-half trading hours following a technical problem with the automated trading system.
It is not clear whether the problem was with the NSE or CDSC, but its impact on traders and stocks at the NSE is immense, as the value for shares remained locked up for a whole day. The hitch must have been a major one and analysts say it won’t be easy to make up for the lost day.
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