Trouble-Free Trading At SWX

In the past week, the SWX Swiss Exchange recorded a total turnover amounting to CHF 22.42 billion. A reduction of the systems infrastructure down to a single computer centre did not impair trading capacity. On Monday, 15 November, a sevenfold increase in turnover compared to the normal daily average was able to be processed during the first half-hour of trading. As a result, the number of trades rose dramatically. During the past two months, trading on SWX was impaired by three separate system events: on 20 September, 1 November and 11 November. The causes of the first two events were not connected with the disruption on 11/12 November. The two earlier malfunctions have been diagnosed, and arose due to routing and bridging problems. Chronology of the malfunction on 11/12 November: With respect to the event on 11 November, internal communications between the locally separated computer centre 1 (CC1) and computer centre 2 (CC2) were disrupted. 11:25 a.m. - On the backend, the trade managers lose their ability to function correctly. The backend is unable to receive or process data. Direct data forwarding to SIS SegaInterSettle is interrupted. In the further course of events, three of six order-matchers in CC2 successively fail. As a result, SWX decides to halt the system. 11:55 a.m. - SWX manually cuts off the data link to market participants. 12:15 p.m. - In effort to re-open the market as quickly as possible, crisis managers decide to dead-start only CC2 and to commence trading again at 3:00 p.m. 2:50 p.m. - The reboot function for Exchange trading refuses to execute. As a result, the appointed 3 o'clock deadline for re-opening cannot be met. SWX announces that trading will not recommence on Thursday. 6:00 -7.00 p.m. - Restart of the Trading Systems at Member sites. 10:30 p.m. - A comparison with the IMIS trading surveillance system that runs in parallel brings to light data inconsistency between the Trading and Exchange Systems. SWX comes to the conclusion internally that the Exchange will not open for trading on the following day. 12 November: 7:55 a.m. - Following consultations with a number of Exchange participants, it is officially decided that the market will remain closed on Friday for reasons of security. The system function for trading off-Exchange is available until 12 noon. The synchronisation of Trading Systems at Member sites lasts into the weekend. A full analysis of this system event has yet to be completed. SWX will keep the Board of Directors, market participants and the public informed about further findings of this investigation. For additional information, please do not hesitate to contact the SWX Media Office.