Development problems delay launch of TSE derivatives platform
06 July 2007 | 5213 views | 0
The Tokyo Stock Exchange (TSE) has put back the launch of its new electronic derivatives trading platform to January 2008 due to delays in system developement.
The new derivatives platform was expected to be rolled out to users in October 2007.
But in a statement the TSE says it will delay implementation because "a part of the system development is delayed at the present stage".
"To ensure stable system operation, the TSE will change the schedule for activating the new derivatives trading system to January 2008 from October 2007," says the statement.
Along with the derivatives trading system the TSE plans to introduce a "give-up system" and automate off-auction trading of futures and options.
The TSE said last year that it was investing around $529 million on overhauling its Fujitsu-built trading technology following a series of costly operational failures.
After inviting financial technology vendors to tender for the contract in August, the TSE eventually awarded the deal to its existing supplier Fujitsu.
The new infrastructure will accelerate order acceptance and execution processes, and manage smaller-scale orders and an increased number of executions, in order to make the market more reliable for dealers and investors.