FSB probes programming error behind JSE glitch

THE Financial Services Board (FSB) has said it would look into a programming error that caused the JSE, which runs the stock exchange, to publish incorrect data about the trading of equities by non-residents.

“The error has raised concerns in the market and amongst fellow regulators. The Financial Services Board wishes to assure the market that it is looking into the circumstances of the lead up and causes of the error, and will be taking appropriate steps in this regard,” the FSB said in a statement yesterday.

The incorrect data showed equity net purchases by nonresidents of R6.4 billion for May 2016, R63.8bn for June and R27.9bn for the first three weeks of July.

The central bank said on Monday the revised data for equity transactions by nonresidents were net sales of R16.1bn for May 2016, net sales of R20.3bn for June 2016 and net purchases of R50 million for July.

“It is important that the reliability of information released to the public by a market infrastructure, in this case an exchange, is assured and maintained,” the FSB said. – Reuters