accidents happen / in everybody's life

[sanpaku_backup]

Heard this on the BBC today. Wouldn't you like to talk to the guy who did it?

PROBE INTO JAPANESE SHARE SALE ERROR

The Japanese government has ordered an inquiry after stock market trading in a newly-listed company was thrown into chaos by a broker's typing error.

Shares in J-Com fell to below their issue price after the broker at Mizuho Securities tried to sell 610,000 shares at 1 yen (0.47 pence; 0.8 cents) each.

They had meant to sell one share for 610,000 yen (£2,893; $5,065). ....

Mizuho said the brokerage had repurchased the majority of the phantom shares it sold, but the error has so far caused it a loss of 27bn yen.

[That's something like $220 million.]

Comments

[mindme.livejournal.com]

Yeah! Apparently the only thing that saved them further losses was the TSE's own software which prevents stocks from selling at a price of 1 yen. You would think some rocket scientist at the brokerage firm would have built in some check on that.

What the brokerage company is going to pay in compensation equals their yearly profit or something. We're talking sepaku time...

[flw.livejournal.com]

I am going to commit sanpaku myself!

[mindme.livejournal.com]

What's also interesting is the high price of Japanese stocks. Google issued its shares at $200 or something and that was considered freakishly high. American stocks are typically priced so small time investors can buy them. The Japanese price their stocks in the $1000 range to exclude anyone but banks and major institutions.