Foreign Exchange Brokers May Refuse Quote Acceptance During System Failures
[Asia Economy Reporter Jang Sehee] From now on, brokerage firms may refuse to accept some or all of the quotes from foreign exchange banks due to system failures caused by a surge in quotes.
The Seoul Foreign Exchange Market Operation Council announced on the 27th that it has established and will implement new regulations regarding procedures and ethics related to electronic trading using APIs (Application Programming Interfaces).
In cases where trades are executed due to errors in algorithm trading systems, trades may exceptionally be canceled. Additionally, foreign exchange banks can request brokerage firms to cancel all quotes submitted through their electronic trading systems at once or to stop accepting additional quotes in emergency situations caused by system failures or errors related to algorithm trading.
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Meanwhile, the Seoul Foreign Exchange Market Operation Council stated, "Considering the trend of globalization and digitization of foreign exchange markets and the need to improve accessibility to the Seoul foreign exchange market, we have proceeded with the revision process," adding, "We will continue discussions during the full-scale introduction of electronic trading to reflect necessary aspects."
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