japanese stock exchange
TSE's off-trading hours trading system, ToSTNeT, also halted trading.
They also squarely accepted responsibility for the incident, rather than trying to deflect blame onto the system vendor Fujitsu Ltd. The bourse also temporarily suspended trading of all stocks in January 2006, when an investigation into Livedoor triggered a flood of orders. In a notice on its website shortly before trading began at 9 a.m., Japan Exchange said it would not be able to accept orders.
The Nikkei 225, or the Nikkei Stock Average (日経平均株価, Nikkei heikin kabuka), more commonly called the Nikkei or the Nikkei index (/ ˈ n ɪ k eɪ, ˈ n iː-, n ɪ ˈ k eɪ /), is a stock market index for the Tokyo Stock Exchange (TSE). Chinese markets are closed due to the Golden Week holiday period, while exchanges in Hong Kong, South Korea and Taiwan are also closed. "There should be a backup system, so it's puzzling that trading would stop altogether," said one portfolio manager. “I think we’ve just got to put that in the box of ‘stuff happens.’ These things happen.
Futures trading on the Osaka Exchange is ongoing as usual.
"So we decided to suspend trading for the entire day.". But many saw nothing, while others reported seeing data appearing and disappearing. “There’s nothing uniquely Japanese about this,” said Nicholas Smith of CLSA Ltd. in Tokyo. The call was a daunting one. However, it is still investigating why the automatic switch-over from the faulty to the backup device did not work on Thursday. Traders described a growing sense of confusion as few answers came from the bourse. Others, with nothing to do, occupied their time by reading research notes or trading commodities. At 7:04 a.m. on an autumn Thursday in Tokyo, the stewards of the world’s third-largest equity market realized they had a problem.
TSE suffered a complete trading halt due to a system error in November 2005, but trading resumed the same day. Hong Kong / Tokyo (CNN Business)A hardware failure has caused the Tokyo Stock Exchange to completely halt trading for an entire day for the first time in its history. While that passed without issue, many questions remain unanswered.
(Photo by Shihoko Nakaoka), WATARU SUZUKI and AKANE OKUTSU, Nikkei staff writers, Koichiro Miyahara, president and CEO of the Tokyo Stock Exchange, apologizes for the shutdown on Oct. 1. “There will be a huge surge in trading volumes around the U.S. presidential election, and this does raise some concerns about the TSE’s ability to process a large increase in orders,” said Hideyuki Ishiguro, a senior strategist at Daiwa Securities. "It is our responsibility to operate the market," said Miyahara, TSE's CEO.
Later in the evening, the announcement came that the bourse would restart trading Friday. Reporting by Stanley White, Eimi Yamamitsu, Hideyuki Sano, Chang-Ran Kim, Kentaro Sugiyama, Hiroko Hamada, Takashi Umekawa and Sakura Murakami in Tokyo, Tom Westbrook in Singapore and Simon Jessop in London; Writing by David Dolan; Editing by Kim Coghill, Simon Cameron-Moore and Alexander Smith. Sign up to our newsletters to get our best stories delivered straight to your inbox.
It caused the first full-day suspension since the exchange switched to all-electronic trading in 1999. Photographer: Soichiro Koriyama/Bloomberg. Nikkei Inc. No reproduction without permission.
But one of the biggest is whether the same kind of hardware-driven failure could happen in other stock markets. More than 2,100 companies are listed on its main board, called the first section, with a total market capitalization of over 600 trillion yen. At about 8:05 a.m., Twitter -- often used by traders to communicate outside of more official communication channels monitored by compliance -- began to buzz with rumors of an issue. Data for orders already received from securities firms would have been lost, without having been canceled. Members of the media gather inside the Tokyo Stock Exchange in Tokyo, on Oct. 1. “Exchanges are a crucial part of market infrastructure and it’s unacceptable that trading opportunities were denied,” Finance Minister Taro Aso told reporters in Tokyo.
A confusingly translated English release wouldn’t follow for more than 90 minutes. Exchange officials could see no solution. While Fujitsu will be investigating the cause of he failures, Miyahara said that TSE is not considering asking the company for compensations. The issue has shuttered one of the few stock markets in Asia that was scheduled to be open on Thursday. They need to create the infrastructure with that possibility of a breakdown in mind.”. 1 shared disk device, one of two square-shaped data-storage boxes, detected a memory error. The unprecedented disruption is likely to raise concerns over the reliability of Asia's largest exchange by market capitalization at a time when Japan has ambitions of becoming the region's leading financial hub.
The daily turnover of shares traded on the TSE’s main board was about 2.33 trillion yen ($22 billion) on average over the past year. “The market was robbed of that chance,” he added. A technical glitch caused the London Stock Exchange to have its longest outage in years in 2019. At 4:30 p.m. local time, four TSE executives, including Chief Executive Officer Koichiro Miyahara and Chief Information Officer Ryusuke Yokoyama, faced journalists at the exchange to explain the outage. This content was commissioned by Nikkei's Global Business Bureau.
When the error happened, the system should have carried out what’s called a failover -- an automatic switching to the No. The meltdown also coincided with the release of the Bank of Japan’s closely watched tankan corporate survey, which showed business sentiment improved from a decade low. The TSE began using the system in 2010, and upgraded it last November. They shouldn’t, but they do.”, — With assistance by Taiga Uranaka, and Takashi Nakamichi, Data storage and distribution device brought down Tokyo market, Stock exchange forced to close trading for the entire day.
But for reasons the exchange’s executives couldn’t explain, that process also failed. Please review our
At this point, the administrators had a choice: they could seek to restart trading, but this would have entailed a full reset of the system -- shutting down the power and rebooting. TSE said it "sincerely apologizes for any inconvenience caused to investors.
It later said trading would be halted for the entire day and did not say when it would resume operations. Many in the market say they were relieved.
Fujitsu Ltd, which developed the trading system, said it was investigating the problem, while the TSE said it has no plan at this point to ask for any compensation. “We only confirmed it when the exchange put out a release.”. The TSE was prone to technical troubles in the past and was notorious for sluggish trading, although there have been fewer glitches since a new system was adopted in 2010.
2 shared disk device. Trading on the Tokyo Stock Exchange was brought to a complete standstill by a hardware failure for all of Thursday, in the worst-ever outage for the world's third-largest equity market. Get trusted insights from experts within Asia itself. TSE initially said that trading of all stocks would be halted due to an "issue in the distribution of market information." The TSE said the issue stemmed from "a hardware failure" and that switching to a backup device also failed to work. It was less than an hour before the system, called Arrowhead, was due to start processing orders in the $6 trillion equity market. The issue marks a major blow to one of the largest stock exchanges in the world. Have a confidential tip for our reporters? Updates with FSA ordering report on the outage in 25th paragraph.
In a briefing that lasted about 100 minutes, they bowed in apology in front of the crowded room before going into a detailed technical discussion of the breakdown. Chief Information Officer Ryusuke Yokoyama explained that TSE has identified the faulty part of the device, and that Friday's operation would be run with a backup device. A pedestrian looks at an electronic stock board displaying shares without prices outside a securities firm in Tokyo on Oct. 1. 2 device. The Financial Services Agency has ordered the exchange to issue a report on the outage, according to local media, which may give further insight on some of the issues. It bore little resemblance to gaffe-filled briefings by other Japanese firms in the past. But as the hours passed, Hajime Sakai, the chief fund manager at Mito Securities Co., grew increasingly uneasy.
That would have led to anarchy, securities firms told the exchange. The “arrow” symbolizes speed of order processing, while the “head” suggests robustness and reliability, according to the exchange.
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