8chan/8kun QResearch Posts (1)
#10872206 at 2020-10-01 18:44:23 (UTC+1)
Q Research General #13915: The Lion Has Woke Edition
Tokyo Stock Exchange Halts Trading For Entire Day Due To Technical Glitch
TSE is the third largest exchange in the world by market cap
Some regional stock exchanges also suspended trading activity
TSE currently has a total market capitalization of $6.1 trillion
Japan's huge stock market suffered an unprecedented shutdown on Thursday due to a technical glitch that caused the Tokyo Stock Exchange, or TSE, to lose an entire day of trading for the first time in history.
Regional bourses were also affected by the outage.
The disruption occurred as the Japanese government wants the TSE - the third largest exchange in the world by market cap - to help make Japan the region's principal financial hub.
The outage also occurred on a day that traders expected especially high volumes because of the release of the Bank of Japan's Tankan survey, a closely monitored economic indicator.
The regional Nagoya Stock Exchange, Fukuoka Stock Exchange, and Sapporo Securities Exchanges - all of which use the TSE system to conduct trades – also suspended trading activity on Thursday. (The Osaka Exchange, which uses a different system and mostly trades derivatives and index futures, operated as usual.)
TSE currently comprises more than 3,700 listed companies and a total market capitalization of $6.1 trillion.
"As someone in charge of the market, I feel responsible," TSE President Koichiro Miyahara said. "We have caused serious inconvenience to a lot of people, and I deeply apologize."
The TSE said the problem was caused by "a hardware failure" and that a back-up device failed. The exchange said it will replace the defective hardware and expects normal trading to resume on Friday.
The TSE uses the "Arrowhead" stock trading system, which was developed by Fujitsu Ltd. Initially launched in 2010, Arrowhead was upgraded in 2015 and 2019. TSE said it will work with Fujitsu to fix the problem.
"There should be a backup system, so it's puzzling that trading would stop altogether," a portfolio manager told Nikkei Asian Review.
https://www.ibtimes.com/tokyo-stock-exchange-halts-trading-entire-day-due-technical-glitch-3055229