Mollie Faces Brokerage Stock Trading System Error for Investors... Separate Compensation Criteria Apply

Loading delays due to simultaneous user surge... Compensation claims being accepted by securities firms

Photo by Getty Images Bank

[Asia Economy Reporter Kum Bo-ryeong] "I couldn't do anything because of the error, and the market ended."

Office worker Lee (34) experienced an error while trading stocks through Kiwoom Securities' Home Trading System (HTS) on the afternoon of the 27th. Lee said, "The quantity I held did not appear correctly, so I couldn't sell."

According to the financial investment industry on the 31st, as the number of investors interested in stocks has increased since the COVID-19 pandemic, errors have been occurring daily in securities firms' HTS and Mobile Trading Systems (MTS). On the 30th, Kiwoom Securities' HTS also failed to properly display the automatic journal balance. Kiwoom Securities announced on its customer board, "Due to real-time balance delays on the 27th, automatic journal data may not be displayed correctly." The error was stabilized through system improvement work on the same day.

Login delays are happening frequently. From the 25th to the 27th alone, MTS platforms of Shinhan Financial Investment, NH Investment & Securities, and Korea Investment & Securities experienced biometric authentication login failures or connection delays.

The cause lies in the sharp increase in simultaneous users accessing HTS and MTS. A securities firm official explained, "Compared to the highest simultaneous user count last year, it is now more than double," adding, "Since the program itself requires high specifications, when many users connect simultaneously, loading is delayed."

Investors who suffered losses in the volatile market are demanding compensation. Kiwoom Securities is reviewing compensation eligibility and proceeding according to procedures. Some securities firms also stated that they accept compensation claims if damages occur.

However, to receive compensation for stock trading system errors, several criteria must be met. An official in charge of the stock trading system at a securities firm said, "There are many conditions to qualify for compensation for losses, so it is difficult to say compensation can be given based on just one factor," and added, "Since all logs remain on the server, verification is possible."

In the case of Shinhan Financial Investment, a situation where HTS customers cannot place orders by any means, including through the customer support center or branches, due to a system failure is defined as an "order failure." Compensation is provided only for orders with phone records or orders with processing evidence in the system, among other requirements.

This content was produced with the assistance of AI translation services.