Tokyo Stock Exchange CEO Resigns Following October 1 Trading Halt - Reports

MOSCOW (UrduPoint News / Sputnik - 30th November, 2020) The Tokyo Stock Exchange's (TSE) president and CEO, Koichiro Miyahara, has stepped down in the wake of a technical glitch that caused unprecedented one-day halt in trading in October, the NHK broadcaster reported on Monday.

Akira Kiyota, the CEO of Japan Exchange Group, will replace him.

According to the broadcaster, Kiyota will take a 50-percent pay cut for the next four months to share responsibility for the system's failure. Other executives will also have their compensation slashed.

The resignation comes after the national financial regulator issued an order for the TSE to take steps to prevent a recurrence of glitches in the future. The regulator found that the exchange lacked proper back-up settings and mechanisms to resume trade.

The October 1 glitch was the first one-day halt since the stock exchange switched to all-electronic trading in 1999, delivering a blow to Tokyo's reputation as a financial center.