a $250 million dollar mistake - oops.

[Biggy]

"TOKYO -- A simple error in inputting a stock trade roiled the Tokyo Stock Exchange and is expected to cost the securities arm of one of Japan's biggest financial groups as much as $250 million, in what could become one of the most costly mistakes at the Tokyo exchange.

Early yesterday morning, Mizuho Securities mistakenly placed an order to sell 610,000 shares of J-Com for one yen each, instead of one share for 610,000 yen ($5,043), the company said at a late-night news conference. The order -- for more than 42 times the number of shares that J-Com had outstanding -- sent shares of the tiny company falling to their lowest trading limit of 572,000 yen."


This is undeniably Bush's fault.

[Trev]

Ouch! That's going to leave a mark.



For the life in me I can't work out how someone "mistakenly" places an order to sell shares that are worth 610,000 yen for 1 yen... what kind of retard did they have working there

[sudden]

Originally Posted by Trev

Ouch! That's going to leave a mark.

For the life in me I can't work out how someone "mistakenly" places an order to sell shares that are worth 610,000 yen for 1 yen... what kind of retard did they have working there

Worse yet, what kinda retard do they have writing their systems that dont redflag a transaction like and prevent it from happening (or at least display 14 consecutive warnings)?




Sarettah, have you been working on any trading systems lately? ))

[MorganGrayson]

I can't do a damned thing on my computer, it seems, without the thing bitching at me "are you SURE you want to do that?!?!?!?"

[Newton]

I heard about that 'user error' this morning on the bbc, it was one of their own subsidiary companies which they own who did the deed .. Luckily they managed to buy back a shitload of their stocks, but still lost a ton of cash.

[Bhelliom]

Originally Posted by Trev

what kind of retard did they have working there

He's probably not working there much longer

[Winetalk.com]

Originally Posted by sudden

Worse yet, what kinda retard do they have writing their systems that dont redflag a transaction like and prevent it from happening (or at least display 14 consecutive warnings)?




Sarettah, have you been working on any trading systems lately? ))

God Bless America,
this kind of mistake happened to me numerous times. Fortunatelly, the system designed to "hang" the orders that far away from the market and doesn't transmit them to the trading floor.

[MorganGrayson]

Originally Posted by Bhelliom

He's probably not working there much longer

I love a good "intrigue," so just for fun I'm going to imagine that it wasn't a mistake at all...it was the ultimate "fuck you!" to the employer.

[Trev]

Originally Posted by sudden

Worse yet, what kinda retard do they have writing their systems that dont redflag a transaction like and prevent it from happening (or at least display 14 consecutive warnings)?




Sarettah, have you been working on any trading systems lately? ))

Hahahahaha, now that's a burn

[Trev]

Originally Posted by Bhelliom

He's probably not working there much longer

Hence my use of the word "did"

[Bhelliom]

Details, Details. I didn't notice the nuances of your writing the frist time I read it.

I'm more of a Big Picture kind of guy

[Biggy]

it did red flag the transaction, but the trade was still confirmed after...

[Newton]

http://news.bbc.co.uk/1/hi/business/4512962.stm

[TheEnforcer]

Holy fuck... mant that would suck ass.

[sarettah]

Originally Posted by sudden

Sarettah, have you been working on any trading systems lately? ))

Naw, if I wrote that, my red flag system would have caught it....


And I would now own 610,000 shares at a yen a share

edited in: and the trading floor would never have seen it