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21.09.2015 19:59

Timeline and causes of outage on the Derivatives Market

On 21 September during the routine morning loading a software error occurred when the Derivatives Market trading system core read the system configuration.  All tests of the core were completed successfully and the error surfaced after the market had opened. After trading started, market participants began experiencing difficulties withdrawing orders placed earlier and also saw inaccurate order book data for certain derivative instruments. Orders submitted during the evening session on the previous trading day (Friday, 18 September) were also not processed by the system. By 10:25 am Moscow times, the Exchange had determined that the system core must be reloaded to correct the problem, and the decision was taken to halt trading. By 11:06 a.m. the trading system was restarted and member firms were enabled to cancel orders. Trading was resumed at 11:43 a.m. but was then suspended at the request of several market participants that needed more time to synchronize their systems with the Exchange"s systems. Further investigation also showed that one of the subsystems used to generate the order book also needed to be restarted. All market participants" systems were ready to operate by 12:40 p.m., and trading resumed at that time.

All trades executed during today"s trading session are valid and comply with the trading rules. The Exchange is in contact with market participant brokers that entered orders the evening of 18 September.

The Exchange is analyzing the root cause of the failure, and in particular a possible connection with the trading system upgrade and rollout of new derivatives market products that took place on 7 September 2015.

Member firms were informed on the disruption and actions taken via the alerting service with emails and text messages, as well as via the Exchange"s website.

Trading on all other Moscow Exchange markets – Equity & Bond Market, FX Market, Money Market and Commodities Market – continued uninterrupted today.

We apologise for any inconvenience caused.

For further information, please contact the Public Relations Department at (495) 363-3232.

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