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FFMS Urges Moscow Exchange to Improve IT Support

15.11.2012 13:20 / Interfax

Federal Financial Markets Service (FFMS) has once again urged Moscow Exchange MICEX-RTS to improve its IT support.

"From the start, I told the that their IT is in a bad shape, that too much attention was paid to IPO, exchange integration, corporate issues. As for IT and software, they failed to take care of it, and look what happened”, FFMS Head Dmitry Pankin told the press after the State Duma Investment Committee session.

Moscow Exchange stopped currency trading Wednesday due to software malfunction. Trading was stopped at 15.58 Moscow Time, the technical break lasted over 2,5 hours. Access to the currency trading system was restored 18.30, trading resumed 18.40.

The exchange has not yet filed an emergency report with FFMS. Pankin says the report will follow within a day or two. He stressed that the night before the exchange had no definite explanation for the currency market emergency. "How many times do we have to go over the same situation?!", exclaimed FFMS Head.

He said that no resignations are likely to follow. "They have only hired these people recently, they wouldn’t fire them by the week", said Pankin.

Sergey Polyakov was appointed Moscow Exchange IT Managing Director in late October.

The last stock market technical breakdown happened on 23 April 2012, when trading in the main sector stopped 17.56 Moscow Time, the exchange announced an emergency and resumed trading only 4 hours later, at 21.50 Moscow Time.

FFMS has repeatedly expressed concern over the state of the integrated exchange IT support. After the 23 April emergency, FFMS advised the exchange to dismiss the responsible executives.

Trading infrastructureProject Group №1Dmitry Pankin