Error traders at $ 617 billion: Japan canceled a huge deal
Today could happen
one of the biggest trading mistakes
history. transaction size reached
up to a huge amount that even more
than the entire Swedish economy. Of course, the error
We discovered and all transactions were incorrect
abolished in Japan.
So, at 9:25 am in Tokyo
carried out transactions on the shares of 42 companies
totaling 67.78 trillion yen ($ 617 billion).
All of them have been canceled, according to the
Bloomberg and Japanese dealers Association
The largest order
has been issued for shares of Toyota Motor Corp – 1,96
billion, or 57% of all outstanding shares
world’s largest automaker,
We wanted to buy for 12.68 trillion yen through
OTC transactions. other cancellations
transactions were in stock Honda Motor Company
Co, Canon Inc, Sony and Nomura Holdings Inc.
such errors are periodically shopping
happen in the market, they are sometimes called
«Fat finger». AT
2009 to formalize a deal, the error UBS AG
3 trillion yen at Capcom Co.
through bonds. However, it does not compare
with the size of the current error.
"I have never heard
of such large errors in orders
before"- Bloomberg said Ayako Sera,
Tokyo market strategist
of Sumitomo Mitsui Trust Bank Ltd, which controls
about 474 billion dollars of assets. "Must
be a mistake there".
We now know that
no harm was done to companies,
because orders were canceled in time.
Now it is necessary only to find out that
It was the appearance of this error. There is a version that
Broker mixed up the number of shares and
the value of shares. The fact that the transaction
conducted outside the stock exchange, allowed to avoid
such a big mistake.
Nikkei 225 Stock Average low
I changed yesterday, while shares of Toyota rose
1.2% as the yen weakened.
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