TSE president resigns over Mizuho fiasco

- Alexander Campbell
- 20 Dec 2005

Although a Mizuho trader made the initial mistake by selling 610,000 shares at Ұ1 rather than one share at Ұ610,000, a fault in the exchange's trading systems made the problem worse by blocking Mizuho's attempts to cancel the trade.

As well as Tsurushima, exchange chief financial officer Sadao Yoshino and managing director Tomio Amano have also stepped down. Other executives have taken pay cuts.

Tsurushima had already taken a pay cut for a computer error in October that shut down the exchange for a full day.

Settling the mistaken trades for cash could cost Ұ40 billion ($343 million), Mizuho said earlier this month. While some investment banks that profited from the transaction have agreed they may repay the money, the details have still to be resolved.

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