Tokyo Stock Exchange (TSE) said Monday its President Koichiro Miyahara would step down the same day to take responsibility for a technical glitch on the bourse in October that was its worst since electronic trading began in 1999, causing the exchange's first full-day suspension of electronic trading.
The announcement came the same day the Financial Services Agency (FSA), the nation’s financial watchdog, issued a business improvement order to the TSE and its parent Japan Exchange Group (JPX) aimed at prompting countermeasures that will prevent a recurrence and, in turn, rebuild trust among global investors.
JPX said it would thoroughly check its systems and take countermeasures to prevent such shutdowns in the future. JPX CEO Akira Kiyota would also accept a salary cut of 50% for four months, the organization said in a statement.