Internal Disciplinary Actions following Trading Disruption on November 27

12.15.2009

Tokyo Commodity Exchange, Inc. ("TOCOM" or the "Exchange") announced today 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.

  • 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.

TOP