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| The headquarters of Korea Investment & Securities on Yeouido suffered rain damage amid torrential downpours on Monday. Image captured from a SNS online community |
Brokerage firm pledges to compensate customers after trading system shutdown
By Anna J. Park
Following a half-day system failure due to heavy rainfall, Korea Investment & Securities' transaction system resumed operating on Tuesday. The brokerage vowed to compensate those whose stock trading had been hampered by the system failure.
According to the firm, the system has been normalized as of 7 a.m. on Tuesday morning, some 15 hours after the company's home trading system (HTS) and mobile trading system (MTS) suffered a failure.
"We're very sorry for the havoc wreaked on customers' overseas stock trading. The company plans to swiftly compensate customers for damages stemming from the system failure, according to procedure," an official from the brokerage firm said.
"The company pledges to improve the transaction system, and will make our best efforts to stabilize the system," he explained, adding that the company's customer service center started to receive complaints from customers on their website from Tuesday.
Both the HTS and MTS of the securities company ground to a halt from around 4 p.m. on Monday, due to an instability of the power supply at the headquarters' data processing computer center. Although the system failure took place after the close of Monday's regular trading market, it took its toll on after-hours trading as well as overseas stock trading in the U.S. stock markets.
Some suspect the system failure was caused by the water ingress on some levels of the headquarters' building on Yeouido on Monday. Due to the record-high rainfall on Monday, the fourth and fifth floor of the company building flooded amid the pouring rain, the heaviest rain on record for the past 80 years.
However, the company stated that the water leakage in the building was not related to the transaction system failure, as the floor where the data processing computer center is located was not subject to leakages.
It's not the first time the brokerage company's trading system showed signs of errors. On the day of KakaoBank's listing in early August last year, the company's MTS froze for about an hour due to a surge in transactions.
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