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Thursday, March 23, 2006
TSE keeps Nishimuro at helm, fines Mizuho unit
Tokyo Stock Exchange President Taizo Nishimuro will retain his post to see through comprehensive organizational reforms at the bourse, the TSE announced Wednesday.
The TSE's board of directors made the decision earlier in the day and it will become official after approval at a shareholders' meeting on June 22.
"During the three months since I have taken office, there have been many reform proposals from TSE workers that are taking their course," Nishimuro told a regular news conference. "We cannot slow down. In fact, it is necessary for the TSE to speed up.
"If the TSE president is replaced now, it will temporarily delay the (reform) drive," Nishimuro said.
He added that he is staying on as both president and chairman to speed up the TSE's decision-making. He is expected to serve a two-year term starting in June.
Nishimuro also said that the TSE had imposed a 10 million yen fine on Mizuho Securities Co. for an erroneous sell order placed by a dealer in December.
The TSE asked the firm to submit a report outlining the steps it will take to prevent similar erroneous sell orders.
In the Dec. 8 incident, a Mizuho Securities trader tried to sell 610,000 shares of recruiting firm J-Com Co. at 1 yen each, instead of selling 1 share of the company for 610,000 yen. The error caused a loss of 40 billion yen to the brokerage, which quickly tried to cancel the order but was prevented by doing so by the glitch-prone TSE computer system.
The TSE computer system has suffered a raft of problems since last year, some leading to curtailed trading sessions.