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Botched Stock Trade Costs Japan Firm $225M

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    Botched Stock Trade Costs Japan Firm $225M



    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, or $225 million, on a stock trade.

    The glitch roiled the Japanese market, and 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 Tokyo exchange shut down the market for almost an entire day.

    The trouble began Thursday morning, when Mizuho Securities tried to sell 610,000 shares at 1 yen - less than a penny - apiece in a job recruiting firm called J-Com Co., which was having its public debut on the exchange.

    It had actually intended to sell 1 share at 610,000 yen, or $5,041.

    [IMG]https://cimg4.ibsrv.net/gimg/my350z.com-vbulletin/550x225/80-parkerbsig_5096690e71d912ec1addc4a84e99c374685fc03 8.jpg[/IMG

    #2
    holy crap.

    think about this the next time you have a bad day. i had one today and now i don't feel so bad.

    Comment


      #3
      Glad I dont own that company.

      91 318is | 97 FZJ80

      Comment


        #4
        Originally posted by !RocknE30!
        Glad I dont own that company.
        yeah my multi-billion dolla company is doing fine. lol.

        Comment

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