Typo Causes $225 Million Loss On Tokyo Stock Exchange : Diggers Realm

Typo Causes $225 Million Loss On Tokyo Stock Exchange

Man, I would hate to be the guy who did this.

The trouble began Thursday morning, when a trader at Mizuho Securities tried to sell 610,000 shares at 1 yen (less than a penny) apiece of a job recruiting firm called J-Com Co. , which was having its public debut on the exchange.

It had actually intended to sell 1 share at 610,000 yen ($5,041).

Worse still, the number of shares in Mizuho's order was 41 times the number of J-Com's outstanding shares, but the Tokyo Stock Exchange processed the order anyway.

The bank that owns the trading arm of the company says it will back the trade. The $225 million loss could wipe out its entire earnings of $233 million for the 1st quarter of the year.

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Posted by Digger on December 10, 2005 06:56 PM (Permalink)
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