Since the beginning of this year, the downtime of securities trading system has occurred frequently, and there is no lack of large securities companies with many customers. Recently, China Merchants Securities Co.Ltd(600999) , Huaxi Securities Co.Ltd(002926) have been reported by investors that the trading system has collapsed. In this regard, industry insiders believe that there are many reasons behind the low level of independent research and development, many problems left over by the system, complex business and so on.
the stability of securities trading system has attracted much attention
Two months later, China Merchants Securities Co.Ltd(600999) again suffered from trading system failure. In the morning of May 16, some investors reported on the Internet that China Merchants Securities Co.Ltd(600999) pc and app systems could not log in, resulting in the failure of normal trading. On the same day, Huaxi Securities Co.Ltd(002926) trading system also failed during early trading, resulting in failure of trading. Although the relevant situation had been solved before the closing of the morning trading, many investors frankly said that they had caused economic losses due to the shutdown of the trading system.
This is the second failure of China Merchants Securities Co.Ltd(600999) trading system in two months. On the morning of March 14 this year, China Merchants Securities Co.Ltd(600999) caused a heated discussion due to the failure of the trading system.
For the successive failures of securities trading system, Hengtai Securities said that there are three main reasons: first, the business of securities companies is complex, but the technical architecture is relatively old, and neither securities companies nor suppliers are inclined to make major adjustments to the core trading system; Second, the test coverage is not enough, and the securities trading system relies on a lot, such as banks, exchanges, fund companies, etc. in addition, the test environment and production environment can not be highly consistent, resulting in the test can not fully reflect the real situation; Third, the emergency drill has not been verified by the real situation. The daily drill is non trading time, and the actual situation in case of failure is much more complex than that in the drill.
A person from the Information Technology Department of securities companies also revealed that most of the trading systems of some securities companies are products developed more than 10 years ago, with a high degree of structural coupling. After years of business expansion and transformation, the system has left many hidden dangers. The process of updating the trading system is like changing the wheels of a high-speed train, which belongs to high-risk work. In addition, the degree of independent research and development is low. At present, the core trading systems of securities companies are basically supported by Hundsun Technologies Inc(600570) , Shenzhen Kingdom Sci-Tech.Ltd(600446) , etc.
As for how to avoid hidden dangers, Hengtai Securities believes that, first, establish a perfect monitoring system covering the basic environment, network security, hardware equipment, application system and other aspects, and timely find the problems existing in the system; Second, automated testing and daily intelligent patrol Siasun Robot&Automation Co.Ltd(300024) are combined. A large number of automated tests ensure that all branches of the business are covered before the system goes online. Daily patrol Siasun Robot&Automation Co.Ltd(300024) can find problems in the production environment before users, realize early detection and early resolution, and avoid impact on users; Third, establish a workflow covering all daily operations based on automatic operation to avoid human operation risks to the greatest extent; Fourth, regularly improve and review the emergency operation manual, arrange emergency drills every week, track and solve the problems found in the drills, eliminate system hidden dangers and improve emergency handling capacity.
Behind the frequent downtime events, the reporter of China fund daily noted that the number of monthly active users (MAU) of brokerage app fell as a whole in the first quarter. According to Analysys statistics, in the first quarter, app, the top 10 brokerage, fell 2.65% month on month. On the whole, the app of the top 20 securities companies ranked by Mau basically maintained a stable competitive pattern. However, compared with the previous quarter, except that the app of Guotai Junan Securities Co.Ltd(601211) and Ping An Securities increased slightly by 0.76% and 0.11% month on month respectively, the other 18 securities companies fell to varying degrees, of which Huaxi Securities Co.Ltd(002926) was 1579200, a decrease of 7.39% month on month; Anxin securities was 3.2745 million, a decrease of 7.17% month on month There are 3.06million people at the end of the 3535 decreased by more than 3% month on month.
The staff of the online finance department of a leading brokerage in Shanghai said that the attention of the brokerage app was basically positively correlated with the market trend. The market fluctuated downward in the first quarter, affecting the enthusiasm of investors. The transaction amount of A-Shares contracted, resulting in the overall decline of the monthly living data of the brokerage app, but it was still within the normal range.
who will bear the losses of investors
The security and stability of the trading system is the lifeline of securities companies. Investors issue trading orders through the trading system. Even a one minute downtime may cause losses to investors.
Wang Deyi, a lawyer of Beijing xunzhen law firm, told the reporter of China fund news that the provision of app by securities companies to customers is a service behavior and constitutes a service contract relationship with investors. If there is no technical failure in the apps of other securities companies in the same period of time, and the app of a securities company goes down, it can be logically presumed that the app of this securities company has major software defects and the service fails to meet the standards or requirements, so it shall bear the corresponding liability for breach of contract and compensate the investors for the economic losses arising therefrom. From the business principle of good faith, securities companies should also take the initiative to admit their mistakes to customers and give customers actual compensation.
However, Wang Deyi also mentioned that in practice, it is not easy for investors to protect their rights. There are two difficulties: first, there is no specific and clear calculation standard for investors’ losses caused by app downtime in law. There is no necessary connection between the buying and selling of a securities product and whether investors can make profits. In specific cases, the court can judge the securities companies to bear certain liability at its discretion. Secondly, in such service contracts, securities companies usually declare exemption for technical faults or set an upper limit of compensation in standard terms. If there is no clear contract terms, it should be decided by the judge according to the specific circumstances of each investor.
He also stressed that the economic losses caused by such downtime to investors objectively exist, and there must be relief if there is a right. However, the cost of a single investor filing a claim is too high and may not be worth the loss. In the future system design, we can consider introducing the representative litigation system and determining the compensation rules through individual cases.
Hengtai Securities said that the trading app of securities companies is a complex peripheral system with linkage. When there are problems in the system, rapid positioning and repair are the embodiment of the technical ability of securities companies. The longer the processing time is, the risk of subsequent customer loss or complaint will rise exponentially. Therefore, we must do a solid system classification, hierarchical monitoring and early warning, ensure the security and stability of the information system, quickly repair key transaction nodes, and shorten the duration of the problem as much as possible. At the same time, it shall sort out and count the various operations of customers during the problem occurrence period, and finely deal with customer problems and complaints according to the existing emergency plan, so as to reduce customer losses as much as possible.
