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An electronic ticker on the Tokyo Stock Exchange (TSE), traded by Japan Exchange Group Inc. (JPX), in Tokyo, Japan on Thursday, October 29, 2020. Japanese stocks cut losses after the policy decision from the Bank of Japan and how US futures rallied after a drop in global equities.
Photographer: Kiyoshi Ota / Bloomberg
Photographer: Kiyoshi Ota / Bloomberg
The Japan Exchange Group (JPX) will resign on the 30th, when the chairman Koichiro Miyahara of the Tokyo Stock Exchange, who falls under its umbrella, will resign on the same day.Announced. Akira Kiyota, CEO of JPX, also serves as chairman of the Tokyo Stock Exchange. He clarified responsibility for the large-scale system failure that occurred in October after receiving a business improvement order from the Financial Services Agency.
The Financial Services Agency of the dayAlthough memory failure was inevitable due to the business improvement order, he was particularly concerned that he was not ready to restart early when a problem occurred. He called for comprehensive measures to prevent recurrence, such as strengthening the system’s management system and clarifying management responsibilities. The Financial Services Agency will ask the TSE to report the progress of the improvement every month until March, and then every three months, starting at the end of this year.
This is the fourth business improvement order in approximately eight years, after 2004, 05 and 2012. On October 1, TSE suspended all day trading of all shares for the first time due to a failure to distribute information. the market, which was the worst problem in the system.
JPX CEO Kiyota at press conference
Photographer: Toru Hanai / Bloomberg
JPX handles securities and commodities in JulyWe have just established a general exchange system. The Japanese governmentWhile aiming to strengthen the international financial center, the top of the TSE, which plays a central role in securities trading, will step down. There was no opinion on the board of directors that President Miyahara should be removed, but he requested his resignation. Mr. Miyahara joined TSE in 1988 after developing the power supply (currently J-Power), and in June 2015, he succeeded Mr. Kiyota as president of TSE.
Naoki Fujiwara, CEO of Shinkin Asset Management Investment Trust, said there is nothing wrong with the change of top management, but it will be refreshing if responsibilities are clarified. He said he was less aware of the crisis as he couldn’t assume it would stop or not stop after backing down or placing an order for sale.
For the CEO of Kiyota, the monthly fee is 50% for 4 months starting in DecemberThe amount will be reduced. Mr. Kiyota, who had a press conference, said: “As JPX, we take business improvement orders seriously and seriously.” Experts have pointed out that Fujitsu, which created the system, is responsible, but said it would not seek compensation for damages. Regarding Mr. Miyahara, he noted that “a very big exit for the TSE” and said that if a suitable new president is found, he will be replaced at any time.
(I will update by adding the description of the Financial Services Agency in the second paragraph and Mr. Miyahara in the third paragraph.)
