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Specialist Working Group for Recurrence Prevention Measures Summary of 2nd Meeting 1. Date and Time: November 20, 2020 16:00 - 17:25 2. Venue: Meeting room at Tokyo Stock Exchange and online 3. Agenda (1) Enhancement of information provision in the event of a system failure (2) Development of rules regarding handling of orders and procedures for trading resumption in the event of a system failure, etc. 4. Summary of discussion (1) Comments on specific issues (On enhancement of information provision) •I would like TSE to enhance the granularity and timeline of information provision in the course of future information provision operations. •TSE has various social media accounts, including Twitter, Facebook and Instagram. As information on a system failure is emergency information, it would be useful if it was posted on all these media. •Investors would breathe easier if TSE were to make some kind of regular contact, even if ...
135KB
Council for Recurrence Prevention Measures Summary of the 1st Meeting 1. Date and time: October 23, 2020 15:30 - 16:50 2. Venue: Meeting Room at Tokyo Stock Exchange 3. Agenda (1) Details of the incident on October 1 (2) Outline of recurrence prevention measures (3) Major topics for consideration going forward 4. Summary of discussion 1. General discussion •For incidents like these, the response on the day should be decided and information provided at a much earlier stage. •Since system failure is an unavoidable part of having systems, the important thing is how fast you can identify the cause of a failure and recover from it afterwards. •Obviously it is important to identify the fundamental reason for the settings mistake that happened this time, but before developing new rules, there should be investigations into whether there are similar settings issues or dependencies within other systems, not just the related ...
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Specialist Working Group for Recurrence Prevention Measures Summary of 1st Meeting 1. Date and Time: November 6, 2020 15:30 - 16:42 2. Venue: Online 3. Agenda (1) Major topics for consideration going forward (2) Schedule and draft agenda for future meetings 4. Summary of discussion (1) General discussion •As long as there are rules to follow, systems should be able to respond to emergency situations by themselves. If we can establish trading resumption procedures through the Council and the Specialist Working Group, this will enable each firm to respond accordingly in terms of operations and IT systems. •The agenda of this Working Group should include what the issues were at TSE with regards to this incident and what kind of recurrence prevention measures we can set up to improve stability. •I would also like TSE to explain to this Working Group what has been improved regarding the TSE system ...
125KB
Council for Recurrence Prevention Measures Summary of 2nd Meeting 1. Date and time: December 21, 2020 10:00–11:05 2. Venue: Meeting room at Tokyo Stock Exchange and online 3. Agenda a) Clarification of standards for trading resumptions under the Contingency Plan b) Development of rules and procedures, etc. for handling of orders and resuming trading in the event of a system failure c) Plan for upcoming system failure drills d) Information provision policy in the event of a system failure 4. Summary of discussion (1) General comments •Market participants are all agreed that day-long trading suspensions need to be avoided wherever possible, so TSE needs to strengthen the system's overall resilience to widen the chances of resuming trading on the same day. •Failures will need completely different responses depending on if they happen before the start of trading, at the opening auction, during zaraba (continuous auction), ...
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Specialist Working Group for Recurrence Prevention Measures Summary of 3rd Meeting 1. Date and Time: December 4, 2020 16:00 - 17:30 2. Venue: Meeting room at Tokyo Stock Exchange and online 3. Agenda: (1) Clarification of Standards, etc. for Trading Resumption under Contingency Plan (2) Development of Rules Regarding Handling of Orders and Procedures for Resuming Trading in the Event of a System Failure, etc. (3) Policy on Responses, etc. to Inconsistency after the Start of Trading (4) Responses in the Event of a FLEX Failure 4. Summary of discussion: (1) General discussion - Substantial time for investigation into or maintenance of the system may be required for implementing the measures. This should be considered when determining the implementation schedule. - A hasty resumption may result in a secondary accident on subsequent days. To prevent this, it would be desirable to make the actual operational procedures simple. - Although measures have to ...
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Specialist Working Group for Recurrence Prevention Measures Summary of 4th Meeting 1. Date and time: December 18, 2020 16:00–17:35 2. Venue: Meeting room at Tokyo Stock Exchange and online 3. Agenda a) Clarification of standards, etc. for trading resumption under the Contingency Plan b) Development of rules regarding handling of orders and procedures for resuming trading in the event of a system failure, etc. c) Responses in the event of a FLEX failure d) System failure drill program for FY2021 e) Information provision policy in the event of a system failure 4. Summary of discussion (1) Comments on specific issues (On order acceptance time/trading hours after recovery) •As it is likely that HFTs, which have a share of around 45% of trading, would not take part in a trading period of 15 minutes or so, there is a question mark around whether fair price formation could ...
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2020 Tokyo Stock Exchange, Inc. Total smart exchange Council for Recurrence Prevention Measures (1st meeting) Tokyo Stock Exchange, Inc. October 23, 2020 ©2020 Tokyo Stock Exchange, Inc. 2 1. Opening Remarks 2. Secretariat Explanation [Material] (1) Purpose of Establishment of Council; Council Members and Observers (2) Details of the incident on October 1 (3) Outline of Recurrence Prevention Measures (4) Major Topics for Discussion 3. Discussion 4. Closing Agenda ©2020 Tokyo Stock Exchange, Inc. 3 1. Purpose •The recent system failure revealed not only issues with the IT system itself but also issues with the operation of the system, such as a need for clarification and better transparency of standards and procedures for recovery, and an absence of rules for order handling in the event of system failures. •The market users making up the Council will consider how TSE should develop its responses to system failures and its rules and ...
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2020 Tokyo Stock Exchange, Inc. Total smart exchange Council for Recurrence Prevention Measures (2nd meeting - Interim Summary) Tokyo Stock Exchange, Inc. December 21, 2020 ©2020 Tokyo Stock Exchange, Inc. 2 1. Opening Remarks 2. Explanation from the Secretariat - Document contents (1) Clarification of Standards, etc. for Trading Resumption under Contingency Plan (2) Development of Rules and Procedures, etc. for Handling of Orders and Resuming Trading in the Event of a System Failure (3) Plan for Upcoming System Failure Drills (4) Information Provision Policy in the Event of a System Failure - Reference Materials 3. Discussion 4. Closing Agenda ©2020 Tokyo Stock Exchange, Inc. 3 Introduction - On October 1, 2020, a system failure within arrowhead meant that TSE was unable to provide opportunities for trading for the entire day. In response to this incident, with the aim of developing rules for order handling at the time of a system failure and improving ...
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2021 Tokyo Stock Exchange, Inc. Total smart exchange Report from the Council for Recurrence Prevention Measures Tokyo Stock Exchange, Inc. March 25, 2021 ©2021 Tokyo Stock Exchange, Inc. 2 Contents Introduction 1. Outline of Responses 2. Development of Rules and Procedures for Trading Suspensions and Resumptions 3. Clarification of Standards and Procedures for Trading Resumption under Contingency Plan 4. Enhancement of Information Provision Closing Reference Material ©2021 Tokyo Stock Exchange, Inc. 3 Introduction ⚫On October 1, 2020, a failure occurred in the arrowhead cash equity trading system of Tokyo Stock Exchange, Inc. (TSE), whichmade it impossible to start trading and meant we were unable to provide opportunities for trading for the entire day. ⚫In response to this failure, TSE has implemented various measures, such as (i) system-based responses and comprehensive checks, including development of measures for switchover of hardware and conducting tests, and (ii) enhancement of procedures for failsafe...
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2020 Tokyo Stock Exchange, Inc. Total smart exchange Specialist Working Group for Recurrence Prevention Measures (2nd meeting) Tokyo Stock Exchange, Inc. November 20, 2020 ©2020 Tokyo Stock Exchange, Inc. 2 1. Opening Remarks 2. Explanation from the Secretariat [Contents] (1) Enhancement of Information Provision in the Event of a System Failure (2) Development of Rules Regarding Handling of Orders and Procedures for Resuming Trading in the Event of a System Failure, etc. - Clarification of Cases for Implementing Non-Acceptance of Orders, Trading Suspension, etc. - Handling of Orders Entrusted by Customers in the Case of Order Cancellation by the Exchange - Handling of Orders Affected by Invalidation of Already Accepted Orders by the Exchange - Inconsistency resolution by a system reboot (Reference Material) Responses at Selected Exchanges 3. Discussion 4. Closing Agenda ©2020 Tokyo Stock Exchange, Inc. (1) Enhancement of Information Provision in the Event of a System Failure 3 ©2020 Tokyo Stock ...
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