Pakistan Stock Exchange (PSX), one of the best performing stock exchanges in Asia over the last few years, selected Oracle to help it enhance the security and integrity of its data. The move comes as part of an ongoing proactive stance by the Exchange around ensuring it has the most modern systems in place to assist the Pakistani capital market be equipped to face the challenges of the competitive global industry.
Since the introduction of automated trading in 2002, PSX’s operation has relied heavily on integrity and confidentiality of critical data, whether the data is in motion or at rest. The result was a complex, interconnected, and critical IT environment, incorporating multiple information repositories. This made it difficult for the Exchange in its efforts to ensure the confidentiality, integrity and availability of its information; all critical success factors for the on-going effective functioning and good governance of PSX. It also meant that it was extremely difficult for the Exchange to keep up with the pace of changes necessary to keep abreast of regulatory requirements around governance and risk management.
“The PSX has been one of the best performing stock markets in local currency terms in Asia over the last five year period. However, we are well aware that in today’s competitive and rapidly changing world, to maintain the ongoing confidence of local and foreign investors, it is essential that we take a proactive approach towards meeting our responsibilities around data security and ensuring strong governance and compliance with rules and regulations of the capital market.
This upgrade is part of that prepared approach and will help us continue to provide an efficient and effective service to investors and listed companies,” said Arif Rehman, Chief Information Security Officer, Pakistan Stock Exchange Ltd.“Protecting data requires a defense-in-depth approach and putting in the right preventive controls in place to increase efforts to avoid data breaches is the key to secure data,” said Waqas Hashmi, Country Sales Director, Technology Business, Oracle Pakistan. “Oracle has provided the exchange with a cost effective and comprehensive data protection features that assists the stock exchange’s efforts to meet its regulatory requirements, as well as reduce complexity.”