Today's Coming Crisis Movie

Tuesday, August 7, 2012

Glitch halts Tokyo derivatives trading.... Glitches in America, Spain and Now Tokyo, in less than a week?

(Financial Times) -- The Tokyo Stock Exchange stopped trading of derivatives on Tuesday morning, citing the latest in a series of technological glitches that have embarrassed Japan's largest exchange group.

The TSE blamed "systems problems" for the outage, which affected all trading of Topix futures, JGB futures and options from 9.18am local time. The exchange said trading would resume at 10.55am.

The glitch comes just six months after the TSE suffered a breakdown in its data distribution system that knocked out an entire morning's trading of stocks, at the height of the third-quarter reporting season.

The latest incident is particularly uncomfortable for the TSE, as it comes just weeks after it launched a tender offer for half of the shares in its rival, the Osaka Securities Exchange, in the first of a two-stage takeover. That deal would create the world's third-biggest exchange group by market capitalisation of listed companies, after NYSE Euronext and Nasdaq OMX. Read More