26 August 2016
Find out more

TSE president Tsurushima quits over computer bungles

20 December 2005  |  9255 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.
KeywordsPEOPLE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tokyo Stock Exchange admits error in Mizuho trade botch-up

Tokyo Stock Exchange admits error in Mizuho trade botch-up

12 December 2005  |  17565 views  |  0 comments
Fujitsu cuts executives' pay after TSE systems failure

Fujitsu cuts executives' pay after TSE systems failure

28 November 2005  |  7079 views  |  0 comments
Tokyo Stock Exchange slashes executives' pay after systems breakdown

Tokyo Stock Exchange slashes executives' pay after systems breakdown

10 November 2005  |  31280 views  |  0 comments
Fujitsu blamed for Tokyo Stock Exchange systems failure

Fujitsu blamed for Tokyo Stock Exchange systems failure

08 November 2005  |  10785 views  |  0 comments
Tokyo Stock Exchange hit by technical failure

Tokyo Stock Exchange hit by technical failure

01 November 2005  |  7505 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit www.abe-eba.euFind out more

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
8871 views 0 | 56 tweets | 46 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
7345 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7005 views 11 | 23 tweets | 9 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6380 views comments | 17 tweets | 19 linkedin

Featured job

Find your next job