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August 16, 1999 Number 377
To: Project A Managers, Project A Terminal Operators, Master Terminal
Operators, and Members
Subject: Project A Update
The following is a letter from President Donovan to CBOT members updating
them on the Project A situation.
Dear Members:
Following the intermittent MCI WorldCom network outage that shut down
Project A throughout much of last week, Project A trading resumed as
scheduled last night at 6:00 p.m. with our full emergency backup plan and
the MCI WorldCom network. Project A trading terminals worldwide are now
functioning normally.
Throughout last night, our emergency backup Project A trading plan was in
place in case the MCI WorldCom network failed again. This backup plan was a
financial and logistical hardship for some of our members and member firms,
but it ensured ongoing trading opportunities for Project A users affected by
the MCI WorldCom outage.
In my phone call to MCI WorldCom CEO Bernard Ebbers this morning, he
informed me the MCI WorldCom network is 100 percent reliable for Project A
trading. Over the weekend, MCI WorldCom shut down its data network and
reverted to a prior version of system software - essentially taking its
system back to ground zero. This was a drastic measure, highlighting the
severity of MCI WorldCom's customer service plight. However, the positive
results of MCI WorldCom's work over the weekend demonstrate they appear to
have taken an important step toward resolving their problem. Therefore,
based on MCI WorldCom's assurances and the concerns of our member firms
relating to the hardships and additional costs of the backup trading plan,
we are disengaging our backup plan today.
The CBOT has been proactive in dealing with the MCI WorldCom network
problems, beginning with my meeting with top MCI WorldCom executives two
days before the first outage occurred and subsequent discussions with CEO
Bernard Ebbers. We remain in constant communications with MCI WorldCom to
monitor network activity, and special procedures are in place to ensure
Project A continues to be a major priority for MCI WorldCom system
engineers.
This MCI WorldCom outage has been frustrating for CBOT members and customers
around the world, and we appreciate your patience and understanding. I will
keep you updated on further developments.
Sincerely,
Thomas R. Donovan
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