The Colombo Stock Exchange has called for a meeting with chief executive officers of stock broking firms today to sort out issues relating to the Automated Trading System Version 7, which was introduced recently, replacing Version 6.
The new system is beset with glitches, brokers complained, adding that odd lots which are shares not traded in multiples of 100 are being traded through the main board allowing one share to be traded.
This results in clients having to pay a brokerage fee separately on the sale of this share adding to cost.
The new system sees red arrows and green arrows alongside quotes indicating price fluctuations upwards and downwards, unlike the old system which only showed arrows when the previous trade had been executed and not the price difference between quotes, brokers said. They indicated that this was confusing.
Brokers also said the screen with broker stock preferences cannot be saved in the new system and the system automatically shuts brokers out after a short while and they have to log in again.
The new system does not show CDS quantities, hi-low prices, volumes for various periods and block trades unless the broker checks all the companies. The old system carried these features.
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