22 November 2017
visit www.aciworldwide.com

Tokyo Stock Exchange slashes executives' pay after systems breakdown

10 November 2005  |  31653 views  |  0 TSE

The Tokyo Stock Exchange (TSE) is to cut the pay of its president and CEO and nine other senior executives for six months following the systems failure that halted trading at the exchange last week.

In a statement, TSE says it will cut president and CEO Takuo Tsurushima's monthly salary by 50% for six months from November. The exchange's systems chief Tomio Amano will receive a 30% pay cut over the same period.

Seven other TSE executives will also take cuts in their monthly salary of between 10-20%. TSE says its chairman Taizo Nishimuro will voluntarily forgo 50% of his salary for the six months.

TSE was forced to suspend trading of stocks and convertible bonds for more than four hours on 1 November following a problem with a software upgrade. The exchange later blamed Fujitsu - which is responsible for the development and support of its trading platform - for the breakdown.

On Friday Japan's Nagoya Stock Exchange was also forced to suspend trading because of a technical glitch with a system that distributes price information. Following the two incidents Japan's Financial Services Agency ordered the country's six stock exchanges to review internal IT systems and file a report on their findings by the end of this month.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fujitsu blamed for Tokyo Stock Exchange systems failure

Fujitsu blamed for Tokyo Stock Exchange systems failure

08 November 2005  |  11147 views  |  0 comments
Tokyo Stock Exchange hit by technical failure

Tokyo Stock Exchange hit by technical failure

01 November 2005  |  7903 views  |  0 comments
Tokyo Stock Exchange to replace trading systems

Tokyo Stock Exchange to replace trading systems

21 November 2003  |  7060 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.aciworldwide.comvisit www.capgemini.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
19978 views comments | 31 tweets | 33 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
11970 views comments | 15 tweets | 42 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
9698 views comments | 26 tweets | 38 linkedin
Barclays warns of unprecedented online fraud this ChristmasBarclays warns of unprecedented online fra...
9514 views comments | 16 tweets | 33 linkedin
ING brings data privacy to blockchain transactionsING brings data privacy to blockchain tran...
7040 views comments | 22 tweets | 35 linkedin

Featured job

Find your next job