TSE Aims to Resume Trading on Day of Glitch
Tokyo, Dec. 21 (Jiji Press)--The Tokyo Stock Exchange said Monday that it plans to resume trading on the day of a system failure even for a short time.
The plan was included in an interim report compiled by a task force the TSE created with brokerage houses and others in the wake of the system glitch and full-day trading suspension on the exchange on Oct. 1. The panel plans to draw up a final report at the end of March next year.
The TSE and its parent, Japan Exchange Group Inc. <8697> have received a business improvement order from the Financial Services Agency over the glitch, and are working to prevent a similar problem from happening again.
The interim report said the TSE will show its intent to resume trading from 2:45 p.m., 15 minutes before the closing bell on normal market days, if orders can be accepted by 2:30 p.m. The TSE will also consider the possibility of extending trading hours beyond 3 p.m.
In case a glitch occurs in the future, the TSE will ask all securities companies, when the restart of trading becomes likely, whether they can rejoin trading. The market will be reopened if 50 pct or more of securities firms and 30 pct of more of individual investors in terms of trading volume are able to rejoin, the report said.
[Copyright The Jiji Press, Ltd.]