Tokyo Stock Exchange hires technology head

The Tokyo Stock Exchange (TSE) has hired Yoshinori Suzuki as its chief information officer - a newly created position.

When he begins his new job on February 1, one of Suzuki's most pressing tasks will be to oversee the upgrade of the exchange's problematic trading technology which has recently creeked under the strain of heavy trading activity and failed to guard against large erroneous trades.

Just last week, the TSE was forced to close early as systems struggled to cope with rampant selling. The TSE has said that it has doubled its information technology budget in the wake of recent problems.

Prior to the appointment of Suzuki, the TSE had several departments that were responsible for the three major, independently developed, systems: trading, information and clearing.