Internal Disciplinary Actions At TOCOM Following Trading Disruption
Tokyo Commodity Exchange, Inc. (TOCOM) announced December 15 that the Exchange has taken disciplinary actions against some of its executive officers for the suspension of the gold night session (standard, mini and options) on November 27.
The Board of Directors today has given a verbal warning to President & CEO Tadashi Ezaki, and he reprimanded Kazunari Hayakawa, Executive Managing Officer, and Yuichi Fukui, Executive Officer, both of whom are responsible for the trading system operations. Additionally, the Exchange accepted Mr. Ezaki’s proposal to voluntarily return 10% of his monthly compensation for one month, taking responsibility for TOCOM’s failure to fulfill its duty to provide a stable market.
In order to prevent the reoccurrence of a similar technical problem, TOCOM has instructed NTT Data and Nasdaq OMX to further investigate the below two points in all the other programs of the Nasdaq OMX software to detect any possible defect. Based on their report, the Exchange will put the necessary preventive measures in place immediately.
* Memory Error on Primary and Secondary Servers: Although the memory error occurred in a specific process on the primary server, further investigation will be conducted with other processes on the primary and secondary servers.
* Fail-over Process for Pre-open Order Acceptance Period, Opening Auction, and Continuous Trading in Day and Night Session: A wide-ranging investigation will be conducted on the fail-over migration process, which caused the failure.
TOCOM would once again like to express its deepest apologies to everyone involved for the inconvenience caused by the outage. TOCOM will continue to make all necessary efforts to ensure that similar problems will not reoccur and to restore confidence in the market.