Tragically unavailable in Japanese translationSo what do you do when one of your traders mistakenly sells ¥372 billion in shares for ¥1? Sue the stock exchange!
A court has ordered the Tokyo Stock Exchange to pay Mizuho Securities more than ¥10 billion because a technical glitch prevented Mizuho from cancelling the disastrous sale. Apparently, in Japan, the stock exchange is 70% responsible when you try to sell 610,000 shares of a company for ¥1 rather than one share for ¥610,000.
Mizuho said its total losses from the screw-up were ¥40.7 billion. The Tokyo exchange is considering an appeal.
Tokyo bourse ordered to pay Mizuho $121M damages [AP via Google]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Shazbot – lots a’ Robots
Shazam – Solid picture captions. keep it up.
This story sucks bigger cock than Ping
stfu @3
@4: Shazhole?
“Apparently, in Japan, the stock exchange is 70% responsible when you try to sell 610,000 shares of a company for ¥1 rather than one share for ¥610,000.”
You’re an idiot, Shazhole. The exchange is responsible for having a glitch that prevented the firm from canceling the trade, as it should be!
Go fuck yourself.
Mizuho is run by morons – top to bottom – no surprises here.
The Mizuho trader who was responsible for the trade realized his mistake soon after and put in a trade cancel 90 seconds afterwards…but the TSE’s systems would not allow him to cancel for the next 15 minutes, by which time all the trades were filled…
Stuff like this happens at D. E. Shaw all the time. It’s no big deal.