JPX Representative Executive Officer Miyahara Koichiro Resigns for Trading System Failure

Japan Exchange Group, Inc. (JPX) announced on Monday that Miyahara Koichiro, Director & Representative Executive Officer, Group Co-COO of JPX, has taken seriously his responsibility for the failure in the arrowhead cash equity trading system that occurred on October 1, 2020, and has requested to resign from his position as President & CEO of Tokyo Stock Exchange, Inc. (TSE) and all other held positions within the Group, effective on November 30, 2020. JPX has accepted this request. 

In addition, JPX announced that the TSE Board of Directors decided at its meeting on Monday to appoint Kiyota Akira, Director of TSE, as President & CEO of TSE, effective December 1, 2020. The Exchange Group also promoted Co-COO Yamaji Hiromi, who had previously shared responsibility with Miyahara Koichiro for the management of derivatives markets, to the role of Group COO.

Kiyota Akira joined Japan Exchange Group in 2013. Before that, he had spent more than forty years serving at Daiwa Securities Group Inc., where his most recent role was Honorary Chairman of the Group.

Prior to joining JPX, Yamaji Hiromi was Executive Vice President, Global Investment Banking, in charge of Corporate Finance Division at Nomura Securities Co., Ltd. Over the multiple decades at Nomura, he had held various leadership positions including General Manager of Personnel Department, Managing Director, Head of Global Investment Banking Division, and President & CEO of Nomura Europe Holdings plc (London), etc.