Top executives at the Tokyo Stock Exchange are taking pay cuts as punishment for a trading disruption that occurred earlier this month.

The TSE announced a series of pay cuts imposed on its executive team, with president and CEO, Takuo Tsurushima, taking the heaviest hit. His monthly pay will be reduced by 50% for six months. The chairman of the board, Taizo Nishimuro, will also voluntarily forgo 50% of his salary for six months. The CFO is taking a 30% cut, and the other executives are taking cuts too.

The company offered its “deepest apologies for the inconvenience we caused the many investors and others involved in the market due to the malfunction of the stock and convertible bond trading system on November 1st.” Trading was interrupted for four and a half hours that day.

It added that it is currently working hard to formulate measures to prevent a reoccurrence. And, it says it imposed the penalties on its executives, “to clearly demonstrate upper management’s acceptance of responsibility”.