The Tokyo Stock Exchange (TSE) is considering replacing its trading system following to massively embarrassing failures.

Less than a year old, the platform would be replaced with a next-generation system in 2008.

TSE chairman and president aired the possiblity in an interview with Kyodo News. The TSE itself refused to comment on the date of any replacement.

Two events have highlighted the failings of the system. Last month Mizuho Securities entered a mistaken trade. The system failed to notice the mistake or cancel it. The case of 'fat finger' cost Mizuho $300m to settle.

Even worse, in November the entire TSE was bought to a standstill for four hours following a software failure.

After the Mizuho debacle, the Japanese regulator issued a business improvement notice to the TSE.

The November crash led to the president of the exchange resigning.

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