Share orders worth several billions of dollars were cancelled in Japan due to a trading error.
At 9:25 am local time, orders for shares in 42 totalling 67.78tn yen ($617bn, £380bn, €488bn) were cancelled, according to data compiled by Bloomberg from the Japan Securities Dealers Association.
The stock orders more than the size of Sweden's economy.
involved in the trading error include Toyota Motor, Motor, , Sony and Nomura Holdings. The biggest order was for Toyota shares at 1.96 billion, representing 57% of the company's outstanding shares, for 12.68tn yen through an off-exchange transaction.
Off-exchange or over-the-counter trades are conducted directly between two parties without supervision of the .
"It's not rocket science that there was a fat finger here, but it reopens the question about accountability," Gavin Parry, managing director at Hong Kong-based brokerage Parry International Trading, told Bloomberg.
Please read more in the International Business Times.
Note: Image credit from Blue Point Trading.
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by Michael Snyder
When is the U.S. banking system going to crash? I can sum it up in three words. Watch the derivatives. It used to be only four, but now there are five “too big to fail” banks in the United States that each have more than 40trillion dollars in exposure to derivatives. Today, the U.S. national debt is sitting at a grand total of about 17.7 trillion dollars, so when we are talking about 40 trillion dollars we are talking about an amount of money that is almost unimaginable....