A system glitch that led to the worst-ever all-day outage on the Tokyo bourse late last week was due to a setting error, the bourse said Monday and which put together a panel of outside directors to probe the cause of the malfunction.
"The system was supposed to automatically switch (to a backup) in case of a hardware breakdown ... but it did not work when there was a memory malfunction," Yasuhiko Tamura, director of trading systems in charge of IT development at the Tokyo Stock Exchange, said in a news conference.
After the glitch, the world's third-largest bourse following the New York Stock Exchange and the Nasdaq Stock Market in the United States revised the setting for automatic switching to a backup system and confirmed it is functioning.