Japan - Tokyo Commodity Exchange computer problem, suspends platinum tradinggreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
(Posting this as "non-Y2k" until more is learned. Y2k router problems, hacking, or a simple technical problem? Japan has reported a multitude of hack attacks since the rollover)
Tocom Cancels Platinum Trading on Computer Problems Tokyo, Feb. 25 (Bloomberg) -- The Tokyo Commodity Exchange, known as Tocom, said it suspended trading of platinum futures at 1 p.m. local time because of computer problems.
Trading to liquidate positions only resumed at 2 p.m. at the same price quoted when the computerized trading system was stopped, with new trading canceled for the day, said the exchange, the world's largest market for platinum futures.
``This kind of technical problem could do further damage to Tocom's reputation,'' said Takahisa Kawamoto, a trader at Daiichi Commodities Co., referring to the exchange's controversial freezing of palladium futures prices at the Wednesday closing price.
Platinum, used in jewelry, automobile exhaust emissions control systems, electronics devices and dentistry, has risen 13 percent in Tokyo since the beginning of this year because of delays in exports from Russia, the world's second-largest producer after South Africa.
Platinum for December 2000 delivery today fell as much as 35 yen, or 2.47 percent, to 1,380 yen a gram ($387.6 a troy ounce). Trading volume on all platinum deliveries totaled 59,000 contracts, only a quarter of the Jan. 31 peak of 228,000 contracts.
Source: America Online News, no url available
-- Lee Maloney (firstname.lastname@example.org), February 28, 2000
(Another article from America Online. The last paragraph mentions "computer problems" but not the cause)
Asia Commodity Movers: Computer Glitch Stops Platinum Trading Tokyo, Feb. 25 (Bloomberg) -- Futures contracts for the following commodities moved in Tokyo. The ticker symbol for the most active contract is given in parentheses.
Palladium for December 2000 delivery (JMA
) on the Tokyo Commodity Exchange was unchanged at 2,363 yen a gram ($662.95 a troy ounce), as the exchange froze palladium contract prices in an attempt to restore market liquidity. The exchange hopes to entice sell orders for as many as 7,000 palladium contracts, Kazunari Hayakawa, director of the exchange, said Wednesday. Trading volume on palladium contracts more than tripled Thursday, to 13,971 contracts, with volume for the December contract totaling 6,091. A February 2000 contract debuted today and went untraded. (News: NI PGM)
Platinum for December 2000 delivery (JAA
) on the Tokyo Commodity Exchange fell 12 yen, or 0.85 percent, to 1,403 yen a gram ($392.74 a troy ounce). The exchange suspended trading of platinum futures at 1 p.m. local time because of computer problems. Trading to liquidate positions only resumed at 2 p.m. at the same price quoted when the computerized trading system was stopped, with new trading canceled for the day, said the exchange, the world's largest market for platinum futures. Individual investors sold in the morning on speculation the precious metal will not climb higher after the exchange froze palladium prices, traders said. Platinum prices were pulled up by the surge in palladium because platinum was viewed as an alternative investment, the traders added. (News: NI PGM)
Source: America Online News, Feb/25/2000, 4:02, no url available
-- Lee Maloney (email@example.com), February 28, 2000.