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Traders miffed by gold exchange snafu   2008-06-21 - ThanhNienNews

An unexpected technical error stopped trading for nearly the whole day at the Saigon Gold Exchange Friday, angering many traders.

 
   

 

 

The problem stopped all transactions at 9:30 a.m., just 30 minutes after trading had opened.

Asia Commercial Bank (ACB), which operates the exchange, was unable to correct the problem and the trading floor’s backup system was unable to continue transactions.

Tai, a trader from Ho Chi Minh City, said angrily that he was unable to cancel a buying order he had placed prior to 9:30 a.m.

 “Several minutes before the problem happened, I canceled the order as the price was going down. But the exchange’s data entry staff said my buying order had been matched. It was unreasonable.”

Phuc, another trader, suffered a huge loss due to the issue.

“I placed a selling order for 100 taels when the price reached VND19 million (US$1,144) per tael. But I was unable to sell because of the error and I lost VND65 million ($3,914) today,” he said.

“The problem caused losses to many traders, but ACB didn’t disclose any information all morning. Who will cover traders’ losses today?” said Giang, another HCMC trader.

The technical issue was fixed at 5 p.m., two hours after the exchange closed.

The Saigon Gold Exchange, where a technical malfunction closed trading Friday


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