A massive data transfer from Merrill Lynch Japan Securities Co. caused a system glitch at the Tokyo Stock Exchange earlier this month, the bourse said Tuesday.
The TSE submitted a report to the Financial Services Agency, explaining the cause of the system failure on Oct. 9 that left dozens of brokerages temporarily unable to place orders.
The TSE also announced it will cut compensation for President Koichiro Miyahara by 10 percent for one month due to the problem.
Merrill Lynch transmitted an unusually large amount of data due to a setting error, disabling one of the four lines linking the bourse and brokerages before the market opened, according to the report.
Tokyo Stock Exchange suffers trading system glitch
System glitch at Tokyo Stock Exchange resolved
All — Kyodo News+