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TSE president Tsurushima quits over computer bungles

20 December 2005  |  9274 views  |  0 TSE

Tokyo Stock Exchange president Takuo Tsurushima has quit following a series of costly operational failures at the world's second-largest equity market.

In a statement, Tsurushima says he was stepping down so that the TSE could regain the trust of the markets.

Earlier this month the exchange's computer systems failed to cancel a mistaken order from a fat-fingered Mizuho trader to sell 610,000 shares for 1 yen, instead of one share for 610,000 yen. The trading error left Japan's second largest bank nursing Y40 billion losses.

The gaffe came only weeks after after the exchange suffered its worst ever systems crash.

Tsurushima and nine other TSE senior executives had their pay cut for six months following the systems failure, which halted trading at the exchange for more than four hours on 1 November.

Also stepping down with Tsurushima today are Sadao Yoshino, who is in charge of the stock exchange's computer system, and its managing director and executive officer Tomio Amano.
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