The Moscow Exchange explained the suspension of trading as a rare technical error
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Director of the Operational Risk Department of the Moscow Exchange (MOEX: MOEX) Sergei Demidov called the failure on the site’s server on February 13 “a rare technical error.” According to him, all servers have a “time between failures” parameter; none of the manufacturers can give one hundred percent guarantees.
Mr. Demidov noted that no manufacturer can guarantee one hundred percent operation, so problems will occur on the servers that disable them. “This is what happened on February 13: the server went down, in such cases trading is suspended in order to switch to a backup server, which was done to save time,” he said on the sidelines of the Ural forum “Cybersecurity in Finance” (quoted from “ RIA News”).
According to Sergei Demidov, such mistakes are rare, having only happened “a couple of times” over the previous ten years. “Of course, we investigate each such case, study it, the regulator studies with us, looks at how we react to this story, what measures we take to prevent a similar situation from arising in the future,” he said.
On February 13, the Moscow Exchange suspended trading on the stock market from 13:58 Moscow time to 15:45 Moscow time. The site explained the suspension as a hardware error on the main server. Before this, the Moscow Exchange warned that on February 13 and 14, technical work to update the system was planned on the T1 test circuit of the stock and foreign exchange markets. On February 14, trading on the site was suspended from 10:36 Moscow time to 11:35 Moscow time. The exchange cited a configuration error in the main server of the stock market trading and clearing system as the cause.
Read more in the publication “Kommersant” “There are persistent failures on the server side”.
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