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The Moscow Exchange must put an end to frequent trading stoppages that are hurting Russia’s goal of becoming a global financial hub, the country’s market service chief said.
“The frequency of the trading halts doesn’t add positive sentiment to our financial market and the exchange needs to do everything to cut the number of glitches,” Dmitry Pankin told a conference in Moscow today. “Their frequency has been high of late.”
The Moscow Exchange halted currency trading for more than 2-1/2 hours because of a software error on Nov. 14. The day after Russia’s RTS Index merged with the Micex in December 2011, the exchange shut down equity futures trading because of a technical problem. In April it stopped trading on its main market, citing problems with the way deals are displayed.
The exchange has a new reserve office and has updated software to allow the bourse to switch trading to a backup platform during a shutdown, Alexander Afanasiev, Chief Executive Officer at the exchange, said at the same conference today.
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