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Crash-proofing ordered at Shenzhen bourse
(Shenzhen Daily)
Updated: 2007-02-12 08:51  The Shenzhen Stock Exchange plans to require all its member brokers to test backup trading systems in response to concerns over possible "technical catastrophes" that could cripple the capital market.
The industry-wide system checks will be conducted individually by the bourse's members and the results submitted to the exchange, according to a draft rule sent by the market operator to brokers late Thursday and obtained by Shanghai Daily yesterday. The proposed rule, which is undergoing review by the brokerages, also stipulates that securities firms should inform the bourse within 15 minutes if trading can't proceed and must file monthly technical safety reports. The Shanghai and Shenzhen bourses late last month issued emergency notices ordering brokers to upgrade trading systems after a recent series of technical glitches that spurred investor complaints, sources said. Giant brokerage houses, including Shenyin & Wanguo Securities Co and Haitong Securities Co, have promised to replace systems that were more accustomed to working in a bear market. China's yuan-backed stocks more than doubled in value last year, reversing four years of losses, after regulators managed to make all domestically listed shares tradable and lured big-cap overseas-traded firms to list at home. "(Brokerage) members must periodically test their backup systems and test emergency plans to deal with technical disasters to ensure the safety and stability of trading," the Shenzhen bourse said in the rule. (For more biz stories, please visit Industries)
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