President, execs at Tokyo bourse resign

updated 9:41 a.m. ET Dec. 20, 2005

TOKYO - The president and other executives at Japan's largest bourse have resigned following two computer system failures, including one that caused massive losses at a major brokerage house, the Tokyo Stock Exchange said Tuesday.

Chairman Taizo Nishimuro will double as the Tokyo exchange's president effective Wednesday, after the departure of President Takuo Tsurushima, the bourse said.

The Tokyo Stock Exchange failed to stop an erroneous order placed by Mizuho Securities Co. earlier this month that cost the brokerage about $333 million.

Last month, trading was suspended for all but the last 90 minutes of the trading session due to a glitch in the bourse's transactions system.

Last week, Japan's financial watchdog agency ordered the TSE to improve its operations after the botched trade involving Mizuho.

The TSE has until Jan. 31 to report on the measures to ensure there are no further trading problems, and to determine who was responsible for the mishap, the Financial Services Agency said.

MORE FROM WORLD BUSINESS

World business Section Front

Something missing at Pamplona: Bullishness   Pepsi investing $1 billion more in Russia North Korea runs its first televised beer ad UBS must give names of suspected tax cheats Newsweek: 5 ways to simplify student aid Up for bid at Iraq oil auction: Uncertainty Saudi women learning how to sell bras Chinese make largest overseas acquisition ever U.S.-China trade tensions starting to boil Toyota founder’s grandson named new head World business Section Front   Add World business headlines to your news reader: