OANDA Japan outlines “system failure” response policy
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.