BOTCHED TRADE
AP
Tokyo Stock Exchange President Takuo Tsurushima bows in apology at an inprovised press conference on the TSE's computer system failure at the stock exchange on Friday December 2, 2005. The president and other executives at Japan's largest bourse have resigned following two massive computer system failures.
updated 12/20/2005 9:41:27 AM ET 2005-12-20T14:41:27

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.

Copyright 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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