Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Somebody's sure to notice this... (trader's keystroke error mistakenly buys stock, costs firm $12mm)
Reuters ^ | Tue Jun 28

Posted on 06/29/2005 10:53:53 AM PDT by presidio9

A Taiwan stock trader mistakenly bought T$7.9 billion ($251 million) worth of shares with a mis-stroke of her computer, meaning her company is looking at a paper loss of more than $12 million and she is looking for a new job.

The trader with Fubon Securities mis-keyed in a small order from Merrill Lynch Monday, creating confusion when many small firms inexplicably surged the 7 percent trading limit.

"Something like this is difficult to explain to superiors," a Fubon executive said Tuesday.

Fubon said that the trader was unfamiliar with new computer systems and would be fired.

"There is a paper loss of more than T$400 million," said the executive.

"However, with a good outlook for stocks in the second half, there are no plans to sell the shares in the near term."


TOPICS: Business/Economy; Extended News; Miscellaneous
KEYWORDS: dalillamas; lamas; llamas
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-8081-94 next last

1 posted on 06/29/2005 10:53:55 AM PDT by presidio9
[ Post Reply | Private Reply | View Replies]

To: presidio9
The trader with Fubon Securities

Fubon is now Fubar. :)

2 posted on 06/29/2005 10:54:51 AM PDT by TheBigB (Why yes, I -do- rock! Thanks for noticing!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: presidio9

Jeez... and I thought we were tough on typos.


3 posted on 06/29/2005 10:55:02 AM PDT by Tijeras_Slim (Now that taglines are cool, I refuse to have one.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TheBigB; presidio9

FUBAR SNAFU


4 posted on 06/29/2005 10:56:08 AM PDT by Fierce Allegiance (Happy 12th birthday to my little Queen Nosilla!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: presidio9
Fubon said that the trader was unfamiliar with new computer systems and would be fired.

It's whoever designed the computer system that should be fired.

5 posted on 06/29/2005 10:56:10 AM PDT by dfwgator (Congratulations Longhorns.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: presidio9
"However, with a good outlook for stocks in the second half, there are no plans to sell the shares in the near term."

They are going to fire her but keep the stocks? What tha?

6 posted on 06/29/2005 10:56:33 AM PDT by Blood of Tyrants (G-d is not a Republican. But Satan is definitely a Democrat.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Junior

Unemployment ping.


7 posted on 06/29/2005 10:56:51 AM PDT by cjshapi
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tijeras_Slim
Jeez

Better spelled "Sheesh".

8 posted on 06/29/2005 10:56:59 AM PDT by martin_fierro (< |:)~)
[ Post Reply | Private Reply | To 3 | View Replies]

To: presidio9

Egads! That's a trader's nightmare come true.


9 posted on 06/29/2005 10:57:35 AM PDT by lilylangtree
[ Post Reply | Private Reply | To 1 | View Replies]

To: presidio9
"However, with a good outlook for stocks in the second half, there are no plans to sell the shares in the near term."

Wonder if the key-stroke error may eventually turn a sizeable profit?

10 posted on 06/29/2005 10:57:37 AM PDT by PBRSTREETGANG
[ Post Reply | Private Reply | To 1 | View Replies]

To: presidio9

Why don't they use the same logic as the anti gun crowd and destroy the computer?


11 posted on 06/29/2005 10:57:55 AM PDT by Graybeard58 (Remember and pray for Spec.4 Matt Maupin - MIA/POW- Iraq since 04/09/04)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tijeras_Slim
In reality, there needs to be a number of people asleep at the wheel for this to happen. It wasn't just one trader - most securities houses have people whose whole job is to "rec" (reconcile) trading orders and identify mistakes and typos.

Traders make mistakes every day.

12 posted on 06/29/2005 10:58:04 AM PDT by wideawake (God bless our brave troops and their Commander in Chief)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Fierce Allegiance
"There is a paper loss of more than T$400 million," said the executive.

Hate it when that happens...

13 posted on 06/29/2005 10:58:12 AM PDT by TheBigB (Why yes, I -do- rock! Thanks for noticing!)
[ Post Reply | Private Reply | To 4 | View Replies]

To: wideawake
Traders make mistakes every day.

And computer systems should be designed so that a tiny mistake doesn't turn into a million dollar loss for the company. Usability 101.

14 posted on 06/29/2005 10:59:04 AM PDT by dfwgator (Congratulations Longhorns.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: PBRSTREETGANG

she still remains fired and the big guys go on vacation for the good work that they did


15 posted on 06/29/2005 10:59:32 AM PDT by manny613 (Trying my best)
[ Post Reply | Private Reply | To 10 | View Replies]

To: martin_fierro

Better yet, spelled "cheese" ...


16 posted on 06/29/2005 10:59:39 AM PDT by eastsider
[ Post Reply | Private Reply | To 8 | View Replies]

To: dfwgator

And those responsible for sacking the people who should have been sacked should be sacked.


17 posted on 06/29/2005 11:00:17 AM PDT by presidio9 (Islam Is As Islam Does)
[ Post Reply | Private Reply | To 5 | View Replies]

To: presidio9

I'm guessing that she will leave this bullet point off her resume.


18 posted on 06/29/2005 11:01:49 AM PDT by HereInTheHeartland
[ Post Reply | Private Reply | To 1 | View Replies]

To: wideawake
Traders make mistakes every day.

Uh, I can vouch for that.

19 posted on 06/29/2005 11:02:12 AM PDT by presidio9 (Islam Is As Islam Does)
[ Post Reply | Private Reply | To 12 | View Replies]

To: dfwgator
Fubon said that the trader was unfamiliar with new computer systems and would be fired.

It's whoever designed the computer system that should be fired.

My thought exactly. Poor software design is no reason for firing the end user. They should probably fire the IT trainers as well.

20 posted on 06/29/2005 11:02:13 AM PDT by The_Victor (Doh!... stupid tagline)
[ Post Reply | Private Reply | To 5 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-8081-94 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson