Delays when trading the shares of the Proprietatea Fund

The online trading platforms of some brokerage firms stumbled yesterday, even though it was just for a few minutes, preventing investors from tracking the execution of their orders, sometimes with delays of tens of seconds. Brokers claim that such "inconveniences" were unavoidable on the first day on the exchange of an issuer like the Proprietatea Fund and that the tests performed over the past few days could not have faithfully reproduced the flurry of orders and the order of magnitude of price levels displayed yesterday on the trading screens.

"It wasn"t just the very large number of orders, but rather the very large number of price levels", said for "BURSA", Răzvan Paşol, the president-managing director of brokerage firm "Intercapital Invest", who added: "There were hundreds of price levels, a situation that the system was never faced with before. You can"t perform tests with that many price levels. It"s never been like so we would know what to expect". Răzvan Paşol admitted that the on-line trading platform of "Intercapital Invest" had some issues in the beginning of the trading session, but they were later fixed.

He said: "There were some delays in accessing the various pages of the online trading platform, but we worked on them and fixed everything. Some clients notified us about those problems and we sorted them out right away. This is another lesson, the next time we will get a listing comparable to that of the Proprietatea Fund, we will know what to expect".

Octavian Molnar, of "IFB Finwest", said that some of its customers had delays of a few seconds before seeing their orders in the market, given the fact that the firm received more orders from customers than it usually does.

"We had between 1,000 and 1,200 simultaneous logins, whereas, under normal circumstances, we only have 250-300 users online at the same time", Octavian Molnar said, who added: "Our online platform did not have any interruptions, but there were several intervals where it went slower for a few minutes. Some investors had to wait as much as 20 seconds before seeing their order in the market".

Some of the brokerage firms that we talked to yesterday said that they were considering boosting the processing power of their servers, even though their load to drop in the coming days, since the shares of the Fund will now be traded with a fluctuation limit.