TOFX Issued the Following Statement Regarding Market Events
TOFX markets functioned properly yesterday despite significant market activity due to global macroeconomic conditions
(BizHWY.com) May 25, 2010 - Tokyo, XX -- TOFX has issued the following statement:
"TOFX markets functioned properly yesterday despite significant market activity due to global macroeconomic conditions and apparent problems that resulted in the cancellation or 'busting' of securities transactions in coordination with all other Exchanges.
Upon review of yesterday's trading activity in TOFX markets, we have concluded that we did not experience technology or systems issues associated with trading activity between 3:00 and 4:00 p.m. Additionally, it does not appear that TOFX clearing firms or customers experienced any significant technological failures or trading errors during this timeframe.
Finally, TOFX Clearing participants have not experienced any difficulties as a result of market events yesterday and all clearing members remain in good standing having met all financial obligations to the TOFX Clearing House.
TOFX continues to actively monitor market participants' trading and clearing activity on the TOFX exchange and to share information with our regulator, which, in turn coordinates with other governmental agencies.
TOFX has developed and maintains industry-leading trading, credit and risk monitoring controls on the TOFX platform.
As one of the world's leading and most diverse derivatives marketplace, TOFX is where the world comes to manage risk. TOFX offers the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities and metals. TOFX brings buyers and sellers together through its electronic trading platform and its trading facilities. TOFX also operates one of the largest central counterparty clearing services in ASIA, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both electronic and over-the-counter market transactions.
Web Site: http://www.tofx.org