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Sri Lanka stock exchange, brokers run market remotely in Covid-19 curfew

ECONOMYNEXT – Sri Lanka’s stock exchange operated remotely while Colombo Fort and several broker offices were in areas under Coronavirus curfew using newly revamped Covid-19 operating processes.

“Following the digitalization of the CSE preparatory exercises were carried out as a part of regular business continuity processes (BCP) along with Stock Broker Firms to ensure the ability to conduct market operations remotely,” the Colombo Stock Exchange said.

“As an industry a concentrated effort has been made to enhance the processes and technology in order to ensure the smooth functionality of the stock market.”

The market came under fire after it was close during a Coronavirus lockdown from March to May 2020.

Sri Lanka’s banks, bond markets, operated normally, the tea industry came up with a trading system and coconut brokers auctioned nuts on zoon while the stock exchange which claimed to have the most sophisticated trading system was closed.

Foreign investors were also unhappy.

A market official said at the time contract notes were sent by post and there were other processes which had now gone fully online. (Colombo/Oct26/2020)

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