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Tokyo Stock Exchange CEO to resign over Oct system failure: Nikkei

  • par Xavier Trudeau
  • dans Financer
  • — Nov 30, 2020
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Miyahara "has requested to resign from his position as President & CEO of TSE and all other held positions within the Group, effective on November 30", it said.

A hardware glitch suspended transactions for a day on Tokyo's two leading indexes last month, as well as smaller exchanges in other parts of Japan. At a news conference on Monday afternoon, Kiyota apologized for the system crash.

The outage on Oct 1 cast a shadow on the exchange's credibility as Prime Minister Yoshihide Suga prioritised digitalisation, and dented Tokyo's hopes of boosting the country's standing as a global financial centre.

The latest shutdown was caused by a setting error, which prevented an automatic backup from activating after a memory failure in the TSE's trading system.

"The all-day trading halt at Tokyo bourse significantly undermines investors' trust", the Financial Services Agency said in a statement, noting the exchange needs to clarify where responsibility lies.

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The full-day trading halt was the worst outage for the world's No. 3 equity market since it switched to all-electronic trading in 1999. The exchange has been working with Fujitsu, which developed the system, to find the cause of the glitch and prevent a recurrence of the problem.

The regulator also ordered the TSE to improve and test its back-up measures, the company said.

The exchange had also said a newly formed committee would draw up fresh guidelines by next March on how to restart trading following a system failure.

This story has been published from a wire agency feed without modifications to the text.

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