<p>The head of the Tokyo Stock Exchange has stepped down after accepting responsibility for an unprecedented day-long shutdown of one of the world's biggest markets, the operator said Monday.</p>.<p>A hardware glitch suspended transactions for a day on Tokyo's two leading indexes last month, as well as smaller exchanges in other parts of Japan.</p>.<p>TSE president Koichiro Miyahara "has taken seriously his responsibility for the failure in the... trading system," the Japan Exchange Group (JPX), which operates TSE, said in a statement.</p>.<p>Miyahara "has requested to resign from his position as President & CEO of TSE and all other held positions within the Group, effective on November 30," it said.</p>.<p>The CEO of JPX, Akira Kiyota, will temporarily take over the position with a 50 per cent pay cut for four months, the statement said.</p>.<p>JPX and TSE were also served a business improvement order by Japan's Financial Services Agency.</p>.<p>Last month Tokyo market operators said there was no indication of a cyberattack, and the problem had been traced to a memory breakdown that failed to properly trigger a switch to a back-up system.</p>.<p>They said the faulty hardware had been replaced, and that personnel would be deployed to monitor the system to avoid a repeat.</p>.<p>JPX is the globe's third-largest exchange by market capitalisation, at an estimated $5.1 trillion, including listings on exchanges outside Tokyo.</p>.<p>It sits behind only the New York Stock Exchange and Nasdaq, according to the World Federation of Exchanges.</p>
<p>The head of the Tokyo Stock Exchange has stepped down after accepting responsibility for an unprecedented day-long shutdown of one of the world's biggest markets, the operator said Monday.</p>.<p>A hardware glitch suspended transactions for a day on Tokyo's two leading indexes last month, as well as smaller exchanges in other parts of Japan.</p>.<p>TSE president Koichiro Miyahara "has taken seriously his responsibility for the failure in the... trading system," the Japan Exchange Group (JPX), which operates TSE, said in a statement.</p>.<p>Miyahara "has requested to resign from his position as President & CEO of TSE and all other held positions within the Group, effective on November 30," it said.</p>.<p>The CEO of JPX, Akira Kiyota, will temporarily take over the position with a 50 per cent pay cut for four months, the statement said.</p>.<p>JPX and TSE were also served a business improvement order by Japan's Financial Services Agency.</p>.<p>Last month Tokyo market operators said there was no indication of a cyberattack, and the problem had been traced to a memory breakdown that failed to properly trigger a switch to a back-up system.</p>.<p>They said the faulty hardware had been replaced, and that personnel would be deployed to monitor the system to avoid a repeat.</p>.<p>JPX is the globe's third-largest exchange by market capitalisation, at an estimated $5.1 trillion, including listings on exchanges outside Tokyo.</p>.<p>It sits behind only the New York Stock Exchange and Nasdaq, according to the World Federation of Exchanges.</p>