Being guilty of the (occasional) typo myself, I can only sympathize with the employee of Mizuho Securities Co who on Thursday caused his firm to lose $225m.
The somewhat incredible story claims that the worker wanted to sell a single share of a company called J-Com for 610,000 yen, but instead sold 610,000 pieces for 1 yen each.
Mizuho is set to loose $225m over the affair. But the story doesn't end there. The Tokyo exchange has halted trading in the J-Com shares to allow the share's price to settle.
Meanwhile the exchange's software has come under scrutiny. There are less than 610,000 J-Com shares in circulation and the trading system should have noted that.
Mizuho will now have to purchase the 610,000 share over time to meet its obligations.
Somewhere in Tokyo a trader went home yesterday with the most extreme sense of embarrassment. Let's just hope that he makes it through this affair.
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