Due to the system trouble occurred in the trading of gasoline August 2005 contract at 10:18 am February 15, we suspended the trading of gasoline market in accordance with the Market Administrative Bylaws Article 11 Paragraph 4.
We apologize for the inconvenience caused by these developments.
The error had occurred while registering Stop orders and Stop Limit orders as Market orders and Limit orders respectively, as the market price reached their designated prices. There was a glitch in the program that manages and controls how these orders work.
Therefore, we impose Ordering Restrictions on Stop and Stop Limit orders so that these orders are not available for the time being, in accordance with the Detailed Regulation Governing System Trade Article 15 Paragraph 1.
2. February 16
Due to the system trouble occurred in the trading of gasoline July 2005 contract at 9:13 am February 16, we suspended the trading of gasoline market in accordance with the Market Administrative Bylaws Article 11 Paragraph 4.
Again we apologize for the inconvenience caused by the trouble.
The error was caused by IOC orders being placed and canceled instantly during the matching process. (The same error can be happen for FOK orders as well.)
Therefore, we impose Ordering Restrictions on IOC and FOK orders so that these orders are not available for the time being, in accordance with the Detailed Regulation Governing System Trade Article 15 Paragraph 1.
3. How we are going to cope with the problem
We are fixing the program and conducting tests with regard to the above problems. In addition, we will conduct a thorough investigation on other similar situation, in order to improve the reliability of our trading system.
