Article

2005-12-09 China-Japan-Koreas

Bad Typing Costs Japanese Securities Co. $224 Million

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Posted by Pappy 2005-12-09 00:00|| || Front Page|| [11141 views since 2007-05-07] Top

#1 I keep telling people "spellcheck" is NOT the same as proofreading.

Sounds like the trader should have double-checked his entry before hitting "enter" .... (In the case of the big money traders deal with, triple-check is not a bad idea.)

Posted by Barbara Skolaut">Barbara Skolaut 2005-12-09 00:40|| http://ariellestjohndesigns.com/page/15bk1/Home_Page.html]">[http://ariellestjohndesigns.com/page/15bk1/Home_Page.html] 2005-12-09 00:40|| Front Page Top

#2 Can't happen as described, the very fact that he was trying to sell more shares than existed (The Float) would trigger stop alarms before the transaction could complete.

Something is not being said here, like maybe he disabled the alarms?

Posted by Redneck Jim 2005-12-09 08:37|| 2005-12-09 08:37|| Front Page Top

#3 I was thinking he'll probably commit hari-kari (spelling?). I just see the trader who committed the mistake killing himself out of shame and humiliation. It seems that Japanese have done so for far less. Does anyone else also think he will kill himself, as I theorize? I cannot believe that they let this go thru. It was a mistake. Why the hell would they let this happen. $500 million! It's ridiculous that the government hasn't stepped in to rectify this. Give the company a break. "UNDO" it.

Posted by KentuckyBeef 2005-12-09 11:55|| 2005-12-09 11:55|| Front Page Top

#4 RJ: Can't happen as described, the very fact that he was trying to sell more shares than existed (The Float) would trigger stop alarms before the transaction could complete.

Something is not being said here, like maybe he disabled the alarms?

Individual trading platforms have these failsafes - institutional ones do not. This guy will need to branch into some other line of work.

Posted by Zhang Fei 2005-12-09 12:48|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2005-12-09 12:48|| Front Page Top

#5 I would think after the Barings Bank failure, there would be alarms at every institution, whether or not there were before then.

Posted by Redneck Jim 2005-12-09 14:02|| 2005-12-09 14:02|| Front Page Top

#6 The trader at Mizuho Securities, who has not been named, fell foul of what is known in financial circles as âfat finger syndromeâ where a dealer types incorrect details into his computer.

That'll teach him to post a major trade from his Blackberry after a three Martini lunch.

Posted by Zenster 2005-12-09 14:16|| 2005-12-09 14:16|| Front Page Top

#7 I wonder if he did the Japanese version of:

"Yes! I'm sure dammit! Why does this program have to ask that every time?"

"Oops!"

Posted by CrazyFool 2005-12-09 14:31|| 2005-12-09 14:31|| Front Page Top

#8 fat finger syndrome?

Amputate?

Posted by BigEd 2005-12-09 17:13|| 2005-12-09 17:13|| Front Page Top

#9 Let your fingers do the walking.

Posted by Flagum Flitle2120 2005-12-09 17:19|| 2005-12-09 17:19|| Front Page Top

#10 Amputate?

The yakuza are on this already.

Posted by Zenster 2005-12-09 17:46|| 2005-12-09 17:46|| Front Page Top

#11 Why Open outcry beats crap out of computers. It's not fast but you don't have people with "fingers" screwing up.

Posted by Mahou Sensei Negi-bozu 2005-12-09 22:56|| 2005-12-09 22:56|| Front Page Top

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