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November 10, 2005

Tokyo Stock Exchange reacts to systems failure

In response to its recent system failure, The Tokyo Stock Exchange has decided to impose pay cuts of between 10% and 20% on nine of its senior executives, as well as a 50% cut on its president, Takuo Tsurushima.

By CBR Staff Writer

The system failure, which shut down trading for around four hours in early November, was a major embarrassment for the exchange and was subsequently blamed on Fujitsu, the company who had recently upgraded its system. Mr Tsurushima said that the exchange was still trying to ascertain Fujitsu’s level of culpability, and once done it would consider whether or not to seek financial compensation.

Fujitsu has said it is investigating the incident and will soon decide if any of its staff should face disciplinary action for what occurred.

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