President, execs at Tokyo bourse resign

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.

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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.

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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.