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Tokyo Stock Exchange to develop new rules to deal with trading stoppages

 


TOKYO, Oct. 19 (Reuters) – The Tokyo Stock Exchange announced on Monday that it will establish new rules by next March on how to restart trading following a system failure, after the stock exchange was paralyzed for a whole day at the beginning of the month.

The exchange also said in a statement that it would set up a committee with investors, members of investment banks, IT vendors and a representative of the Japanese financial regulator to draft the new guidelines.

On October 1, trading was halted due to a hardware failure during the worst outage in the history of the world’s third largest stock market.

The trade halt has tarnished the credibility of the trade, just as new Prime Minister Yoshihide Suga has prioritized digitization and could undermine Tokyos’ hopes of attracting more financial services firms to the Japanese capital.

The exchange previously said the issue was the result of a hardware issue and a subsequent failure to switch to a backup. This caused the first full-day suspension since the exchange switched to fully electronic trading in 1999.

Japans Fujitsu Ltd developed the trading system, known as Arrowhead. (Report by Stanley White, Daiki Iga and Nobuhiro Kubo edited by Tomasz Janowski)

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