Tokyo Stock Exchange plans to spend about 45 billion yen (US$384 million) over the next three years on upgrading and replacing its information systems, according to the bourse operator’s latest mid-term plan.The exchange has been severely criticized in recent months for a series of IT-related problems or missteps that culminated in the early closing of the market on Jan. 18—a first in the exchange’s history.The new plan, which was published on Thursday, calls for capital spending of 62 billion yen over the period 2006 to 2008, of which the majority will be on IT. About 15 billion yen will be spent on upgrades to the current system and then 30 billion yen on a new system, the exchange operator said.IT woes at the exchange began on Nov. 1 when an incorrectly applied software patch caused the trading system to crash during a monthly backup routine. That problem forced the exchange to scrap morning trading and was followed in December by a debacle over an erroneous sell order. The exchange software was called into question after it accepted an order to sell 610,000 shares of a newly listed company, and then refused a request to cancel the order despite the amount being 40 times the number of issued shares. Then in January, the exchange operator called an early close to trading after a large number of trades came close to pushing the exchange computer system past its capacity.The exchange’s president, Takuo Tsurushima, resigned after the first two problems, and the early close resulted in the appointment of a chief information officer, the first in the exchange’s history. -Martyn Williams, IDG News ServiceCheck out our CIO News Alerts and Tech Informer for more updated news coverage. Related content brandpost Sponsored by Freshworks When your AI chatbots mess up AI ‘hallucinations’ present significant business risks, but new types of guardrails can keep them from doing serious damage By Paul Gillin Dec 08, 2023 4 mins Generative AI brandpost Sponsored by Dell New research: How IT leaders drive business benefits by accelerating device refresh strategies Security leaders have particular concerns that older devices are more vulnerable to increasingly sophisticated cyber attacks. By Laura McEwan Dec 08, 2023 3 mins Infrastructure Management case study Toyota transforms IT service desk with gen AI To help promote insourcing and quality control, Toyota Motor North America is leveraging generative AI for HR and IT service desk requests. By Thor Olavsrud Dec 08, 2023 7 mins Employee Experience Generative AI ICT Partners feature CSM certification: Costs, requirements, and all you need to know The Certified ScrumMaster (CSM) certification sets the standard for establishing Scrum theory, developing practical applications and rules, and leading teams and stakeholders through the development process. By Moira Alexander Dec 08, 2023 8 mins Certifications IT Skills Project Management Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe