JPX Sets Up Panel to Investigate TSE System Failure

Economy

Tokyo, Oct. 5 (Jiji Press)--Japan Exchange Group Inc. <8697>, or JPX, said Monday that it has set up a panel of four outside directors to investigate the Tokyo Stock Exchange system failure that led to the exchange's full-day shutdown last Thursday.

The investigation panel will work to identify the cause of the system failure and who was responsible, as well as consider measures to prevent similar problems and enhance trust in the group's systems, JPX said.

"We apologize for causing inconvenience to market participants," JPX Chief Executive Officer Akira Kiyota said during a securities industry conference earlier on Monday.

On the shutdown, the exchange group said it has learned that an automatic device switching function was not set to work in the event of a memory crash. This setting error had remained since the November 2019 renewal of the "arrowhead" stock trading system.

At a press conference on the same day, TSE Executive Officer Hiroki Kawai indicated that the exchange has no plans to hold its equipment supplier, Fujitsu Ltd. <6702>, responsible for the system failure. "It's our duty to properly manage the system, even if something wrong happens," he said.

[Copyright The Jiji Press, Ltd.]

Jiji Press