Korea Exchange Operates TF to Improve IT System Failure Response Process

The Korea Exchange (KRX) announced on the 19th that it has formed a task force (TF) to improve the process for responding to IT system failures, following recent IT disruptions at the New York Stock Exchange (NYSE) in the United States. The TF held a kick-off meeting to comprehensively review the IT failure prevention system and prepare improvement measures for emergency situations.

Korea Exchange, Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

The IT Failure Response Process Improvement TF is composed of executives and employees responsible for the KOSPI market, KOSDAQ market, derivatives market, clearing and settlement, and IT departments. Through the operation of this TF, the Exchange aims to establish an operational system that can proactively prevent various types of IT failures that may occur in the market and respond efficiently and promptly when failures occur.

Additionally, the TF plans to seek effective improvement measures to minimize losses for market participants and swiftly resume market operations in the event of IT failures.

An official from the Exchange stated, "Going forward, the Exchange will keep in mind that securing investors' trust through 'zero-failure market operations' is the foundation for leveling up our capital market, and we will make every effort to provide a stable market environment."