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Bloody typos!!!

Piro

From appaled to applauding, controversy.
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Summary: Japan to experience "thud thud thud" sounds of execs jumping to their deaths after $225 million botched stock trade caused by typo.


Newspaper network of Central Ohio
Dec 9, 7:23 PM EST
Botched Stock Trade Rattles Japan Market
By HANS GREIMEL
Associated Press Writer


TOKYO (AP) -- Japan's government rebuked the Tokyo Stock Exchange and one of the country's biggest brokerage firms Friday after a typing error caused Mizuho Securities Co. to lose at least 27 billion yen ($225 million) on a stock trade.

The glitch roiled the Japanese market, while jitters over the reliability of the exchange's trading system contributing to a 1.95 percent drop in the benchmark Nikkei 225 index Thursday.

The Nikkei rebounded 1.45 percent Friday to finish at 15,404.05, but the mishap triggered concern among some traders just a month after an embarrassing glitch at the exchange shut down the market for almost an entire day.

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 in a job recruiting company called J-Com Co., which was having its public debut on the exchange. It had intended to sell 1 share at 610,000 yen ($5,041).

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

Mizuho says another trader tried to cancel the order three times, but the exchange said it doesn't cancel transactions even if they are executed on erroneous orders.

By the end of the day, Mizuho Securities - a division of the nation's second-largest bank, Mizuho Financial Group, Inc. - had lost at least 27 billion yen. That total could rise, however, Mizuho Securities spokesman Hideki Sakuma said Friday, adding that the mishap was sparked by human error.

Japan's Financial Services Agency, the country's financial watchdog, began an immediate probe into what went wrong and how to prevent a repeat.

"In order to maintain the credibility of the Tokyo Stock Exchange, I very strongly want this issue to be resolved quickly," Economy and Banking Minister Kaoru Yosano told reporters Friday. "The first thing for the Financial Services Agency to do is to determine what happened in detail. Based on that, we will decide what is needed based on the rules and regulations."

"We need to think more about putting safety measures in place to prevent confusion," Prime Minister Junichiro Koizumi told reporters Friday.

Chief Cabinet Secretary Shinzo Abe said the Finance Ministry was working with Mizuho and the Tokyo Stock Exchange to formulate countermeasures for the future.

J-Com's shares debuted at 672,000 yen ($5,600) on the Tokyo exchange's Mothers market for high-growth stocks and plunged to 572,000 yen ($4,767). But a big buy bid placed after Mizuho Securities' sell order helped lift J-Com to 772,000 yen ($6,433) at the close.

According to a Ministry of Finance filing, Morgan Stanley ended the session with a 31.2 percent stake in J-Com.

The Tokyo Stock Exchange suspended trading of J-Com on Friday, but declined to specify how it will sort out the mess created by the botched order. News reports have suggested the exchange may cancel the order through penalty payments, borne by Mizuho.
I don't know whether to laugh or cry. I could of made millions! :cry:

I'm shocked that the stock exchange didn't do anything about it. I bet the typist is no longer with us...I do admire how the Japanese do the honorable thing by committing suicide and leaving everyone else in the shit. I would in that situation.

Proof read next time! :lol: