schreef:
He meant to sell one solitary share of a company (J-COM) for 610,000 Yen. Instead he entered a trade to sell 610,000 shares for 1 Yen. What’s even more strange is that there were only 50,000 shares publicly listed in J-COM, but the exchange let the order process.
Fat Finger Trade Fallout
It is estimated that the loss incurred was about $225 million (USD). The Tokyo Stock Exchange was assigned 70% fault for allowing a trade that should not have occurred and the brokerage was assigned 30% fault for the fat fingered trade. The exchange was ordered to pay a big settlement to the brokerage and the head of the TSE resigned as a result of the embarrassment. It’s a good bet the actual trader wasn’t with the firm for long after that.