Fujitsu Ltd 6702.T, the developer of the Tokyo Stock Exchange’s trading system, is still investigating the cause of the bourse’s worse outage, its chief executive said on Monday.
A hardware glitch paralysed trading in the world’s third-largest equity market throughout Thursday, testing the exchange’s credibility just as the country’s new prime minister prioritises digitalisation.
“We will make utmost efforts to find the causes and prevent recurrences of such troubles,” Fujitsu CEO Takahito Tokita said at a scheduled briefing on the company’s digital strategy.
The TSE, owned by Japan Exchange Group 8697.T, said the glitch was the result of a memory problem at its Arrowhead trading system, and a subsequent failure to switch to a back-up. The breakdown caused the first full-day suspension since the exchange switched to all-electronic trading in 1999.
The TSE said on Monday it had confirmed that the switch-over function was now working and that it had set up a committee to investigate the problem.
Arrowhead, developed by Fujitsu, debuted in 2010, bringing processing times for trades to 5 milliseconds – on a par with the New York and London stock exchanges at the time. The system was overhauled in November, and currently processes orders in about 0.2 milliseconds.
Asked who was responsible for the system failure, Tokita said it was too early to say because the investigation was still ongoing. He declined to comment further on a client’s business.
The TSE has said it has no plans at this point to ask Fujitsu for compensation. Tokita said Fujitsu had made no decision on the issue.