Miyakhara Koitiro (Koichiro Miyahara)

Miyakhara Koitiro (Koichiro Miyahara)

Biography

2020: Dismissal after the largest in the history of IT failure at the exchange

At the end of November, 2020 it became known that the president of the Tokyo exchange (TSE) Koitiro Miyakhara resigns. The solution Miyakhara intends to show responsibility for technical failure which provoked on October 1, 2020 shutdown of biddings at the exchange for the whole day.

Miyakhara's post was temporarily held by Akira Kiyeta who is the CEO of Japan Exchange Group, parent company of the Tokyo exchange. Kieta said that for the next four months its salary will be reduced twice. He also promised to prevent possible failures at the exchange in the future. 63-year-old Miyakhara joined TSE in 1988, in 2015 he became the president of the exchange.

Koitiro Miyakhara is the first CEO who resigned after a number of shutdowns at the large exchanges of Australia, Europe and New Zealand in 2020. The finance regulator of Japan ordered to TSE and Japan Exchange Group to improve practice at the exchange.

Suspension of biddings at the Tokyo exchange for the whole day considerably undermines investor confidence, said in the statement of the Agency of financial services. The regulator noted that the exchange needs to explain who after all is responsible for similar incidents on a trade platform.

Kieta told that though Fujitsu bears some responsibility for shutdown of biddings, it nevertheless rejects the offer of the company on indemnification from the producer of electronics. Representatives of the Tokyo exchange want that the company used the innovative technologies for increase in stability of the exchange. Commenting on the last large failure, Japan Exchange Group called the reason of suspension of biddings failure in operation of the equipment connected with data transmission about quotations. Make switching of a system to spare equipment it did not turn out.^[1]

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