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NEW YORK, March 23 - The Tokyo Stock Exchange is leaning towards delaying an initial public offering it had planned for 2009 until next year or later due to the depressed stock market, the financial daily Nikkei said in its Tuesday edition.
At a board meeting Tuesday, the paper said exchange executives plan to present their conclusion that a stock listing should be postponed because of the poor business climate.
Besides the market slump, which has cut into the exchange's operating earnings, it is facing over 20 billion yen (S$413 million) of valuation losses on its stake in Singapore Exchange Ltd, Nikkei said.
The Tokyo exchange is also being sued by Mizuho Financial Group Inc, which has charged that a faulty trading system at the TSE prevented it from canceling an erroneous order quickly enough. Mizuho is seeking about 41.5 billion yen in damages.
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