OANDA Japan outlines “system failure” response policy

Maria Nikolova

The company details its actions in response to a “system failure” – a trouble that occurs in the systems provided by the broker making it impossible for customers to place an order or preventing the normal execution of orders.

Less than two weeks have passed since OANDA Japan reported of tech issues plaguing its Forex services for several hours. Today, the online trading services provider outlined its “System failure” response policy.

The policy describes the main points that OANDA Japan will follow when handling a “system failure”. The latter is defined as a problem that occurs in the broker systems making it impossible for traders to place orders or creating difficulties in their proper execution (for instance, delaying the execution).

The company pledges to notify its customers about eventual system failures via announcements (and updates) on its website.

The broker also describes how it will proceed with regard to orders that were not placed, executed or were not correctly executed. Certain forms of compensation are offered in these cases.

OANDA Japan concludes the guidelines with a disclaimer saying that it is not responsible for handling issues stemming from a trader’s personal computer or Internet connection.

On July 6, 2017, OANDA Japan reported that tech issues had affected its Tokyo MT4 server (OANDA Japan FX MT4) – the source being the Equinix TY3 data center. In particular, the system failure was detected at the bridge connecting the OANDA contractual system and the MT4 server. The problem was first detected around 3am (Japanese time) and the service was restored at 12.54pm (Japanese time).

On July 5, OANDA Japan also reported of server issues – for about 10 minutes transactions were not possible as a result of problems with the New York server.

In April this year, OANDA Japan strengthened its security systems in order to provide customers with better protection. The company implemented security reinforcement measures at logging in seeking to prevent unauthorized access. It informed the traders that their accounts will be temporarily locked in any of the following cases:

· Account information is entered incorrectly more than 5 times at login;

· The account owner has not traded for more than one year.

Read this next

Inside View

Crypto Liquidity Providers: No Transaction, No Party!

One of the most integral parts of trading cryptocurrencies is ensuring seamless transactions; however, this is not always easy when you first start using cryptocurrency exchanges.

Digital Assets

Niftables launches white label NFT platform for content creators and brands

Niftables is the go-to platform for brands and creators looking to realize their NFT vision — whether they’re an individual or the biggest entertainment company in the world.

Retail FX

ACY Securities sponsors Table Tennis NSW as CFD broker bets in Australia’s youngest

ACY Securities has partnered with Table Tennis New South Wales (TTNSW) for a two-year sponsorship agreement intended to highlight the Chatswood-based multi-asset CFD broker’s brand in Australia, with a focus on the southeastern state.

Executive Moves

Peter Hetherington appointed CEO of Capital.com, Currency.com, and Shares.com

With his extensive experience driving strategy and growth for leading wealth and brokerage firms in highly regulated markets, Peter is the ideal CEO to lead the Group on its next chapter of growth and success.”

Digital Assets

Crypto platform Elwood raises $70m from Goldman Sachs, Dawn, Barclays, BlockFi, Flow, Galaxy, more

Elwood Technologies has closed a $70 million Series A funding round co-led by Europe’s largest B2B investor Dawn Capital and global investment bank, Goldman Sachs.

Industry News

Wilshire to launch Climate Change 1.5℃ Target Index with Nikkei and Hang Seng

Wilshire has announced a collective launch with Nikkei and Hang Seng to bring to market the first in a series of indexes empowering investors to transition their investments towards a low-carbon and climate resilient economy.

Industry News

Anne Boden’s Starling Bank bets big on UEFA Women’s EURO 2022 tournament

Starling Bank has launched a campaign ahead of the UEFA Women’s EURO 2022 tournament as part of its national sponsorship, the biggest ever for the bank.

Industry News

Older adults flock to financial apps as Revolut reports 215% more UK users aged 55-74 since pandemic

Data has also shown that older adults are back to travelling as the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.

Industry News

Ripple replies to SEC’s last attempt and “shoves it down their throats pretty hard”

“The SEC really messed that up. How can Hinman receive legal advice from SEC lawyers for a personal opinion?”, attorney Hogan commented.

<