TSE Makes New Rules for Swift Resumption of Trading
Tokyo, March 25 (Jiji Press)--The Tokyo Stock Exchange on Thursday drew up new rules to swiftly resume trading in case of a system failure, which will go into effect in April.
The new rules give priority to restarting trading within the same day of a system failure. The TSE will be allowed to cancel buy and sell orders before resuming trading.
A system glitch on Oct. 1 led to a full-day shutdown of the major Japanese stock market, highlighting a lack of rules for resuming trading.
The TSE announced the new rules after discussions with market participants including securities firms following the glitch.
The new rules stipulate that the TSE contact all securities firms if it aims to resume trading within the same day of a system glitch.
[Copyright The Jiji Press, Ltd.]