JPX May Clarify Management Responsibility in Nov. over TSE Glitch

Economy

Tokyo, Oct. 28 (Jiji Press)--Japan Exchange Group Inc. <8697>, or JPX, may clarify next month management responsibility, including in-house punishment, over the system glitch on Oct. 1, which led to trading suspension throughout the day on the Tokyo Stock Exchange, JPX Chief Executive Officer Akira Kiyota said Wednesday.

"The JPX group as a whole seeks to clarify where responsibility lies," based on the results of an ongoing on-site inspection by the Financial Services Agency and an upcoming proposal from an investigation committee comprising outside board directors, Kiyota told a regular press conference.

It was the first time for Kiyota to hold a press conference after the system failure.

"I deeply apologize" for the trouble, Kiyota said, noting that he has issued instructions for thoroughly checking trading and other systems at the TSE, as well as other JPX group exchanges, such as the Osaka Exchange, which were not affected by the latest glitch, in order to prevent such a problem from happening again.

Kiyota said that he approved the full-day stock trading suspension due to the possibility of individual investors suffering major disadvantages and confusion being created. "I feel responsible for failing to set up a system" to prevent full-day trading suspension, he said.

[Copyright The Jiji Press, Ltd.]

Jiji Press