The Jasdaq Securities Exchange has announced measures designed to reduce the risk of system errors affecting trading activity. System failure forced the exchange to abandon its morning trading session on 29 August this year.
JASDAQ has sought to improve IT governance at the exchange, although the direct cause of the problem on 29 August was a programming error. A System Committee reporting directly to its President has been set up.
The exchange has also bolstered the management of Jasdaq System Solution, a wholly owned subsidiary of JASDAQ, which operates the systems at the exchange.
The president of JASDAQ has agreed to a salary reduction in recognition of the scale of the problem. In addition, a Senior Managing Director was demoted to Managing Director, and a Managing Director was relegated to Director.