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merlyn (47)

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Journal of merlyn (47)

Tuesday December 13, 2005
09:42 AM

Not a happy day at the office

[ #27959 ]

He wanted to sell one share in a new telecoms company called J Com, for 600,000 yen (about £3,000).

Unfortunately, the order went through as a sale of 600,000 shares at 1 yen each.

That error alone would have been bad enough, but the consequences were much worse because 600,000 shares represents more than 40 times the total number issued by the company, and the vast discrepancy effectively created a technical shortage of shares, worth about £1.6 billion.

-- Fat fingered typing costs a trader’s bosses £128m

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