DGAP-News: Derivatives
2015-01-30 / 16:58
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Description of the Incident
On Wednesday Jan 21st at 15:39 CET, due to an
operational error, the Swedish Stock Derivatives and Index Derivatives markets
were closed and end-of-day session states were executed. After analyzing the
situation and confirming that no technical issues prevented it, the decision
was made to open the markets according to the following schedule: Swedish Stock
Derivatives markets were scheduled for PREOPEN (Order cancellation only) at
16:10 CET and OPEN (Continuous Trading) at 16:20 CET. The Swedish Index
Derivatives markets were scheduled for PREOPEN at 16:10, CLIN (Call
interaction) at 16:15 and OPEN at 16:20.
The schedule was communicated to members via
exchange notice at 15:59 CET. The message also stated that all day orders in
the Swedish Index markets had been deleted, since this is normal during
end-of-day processing.
The premature end-of-day processing also had the
following consequences.
- When the OMXS30 futures went through the
closing uncross it resulted in one deal. The post trade session lasted for 25
seconds, during which new order entries in the OMXS30 futures were accepted (as
per design) before all matching ended. This resulted in that 16 deals were made
in the OMXS30 futures. No cancellation of trades was made as the prices were
within the prescribed limits.
- The orders in the OMXS30 futures that
were active when the post trade session ended, remained active when the market
reopened.
It should be noted
that market session state changes were disseminated to the members via the
system, the system behaved as configured in these session states, and the
status of orders were correctly notified to members through the system APIs
throughout the duration of the incident. Members were also able to verify their
orders before the opening of the markets.
The incident also affected the market data feed
GCF. Due to that end-of-day states had been processed, GCF was also triggered
to send out end-of-day information prematurely (Orderbook Summary [OBs]). This
event could not be reversed and GCF clients were informed that correct
Orderbook Summary information would be distributed on Thursday morning Jan
22nd.
After the re-opening of markets, the markets
closed according to the normal schedule (17:25 - 18:00 CET) i.e. opening times
were not extended due to the premature market close.
After market close, closing prices were verified
by Collateral Management.
Markets affected
Market Description
name
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SWEDISH OMXS30 and OMXSB index futures and options. Call auctions are only
INDEX applicable for index futures on OMXS30 and OMXSB.
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SWEDISH OMXS30 and OMXSB tailor made contracts, trade reported.
TMC INDEX
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EURO INDEX VINX index futures and options (EUR)
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EURO TMC VINX tailor made contracts, trade reported (EUR)
INDEX
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SWEDISH Swedish stock futures and options
STOCK
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SWEDISH Swedish stock futures and options tailor made contracts, trade
TMC STOCK reported.
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Root Cause
The root cause was an operational error by an
operator.
Plan for future prevention of the problem
A full review and risk analysis of the event is
ongoing, including how applications can be improved to better support operators
and minimizing the risk of executing incorrect actions.
Finally
we deeply apologize for the inconvenience this incident may have caused
you.
Stockholm, January 30th 2015
Gunilla
Hellqvist
Senior Vice President, Global Market
Operations
News Source: NASDAQ OMX
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2015-01-30 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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Language: English
Company: Derivatives
Sweden
ISIN: SE0000110165
End of News DGAP News-Service
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318185 2015-01-30