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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
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1
posted on
06/29/2005 10:53:55 AM PDT
by
presidio9
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!)
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.)
To: TheBigB; presidio9
4
posted on
06/29/2005 10:56:08 AM PDT
by
Fierce Allegiance
(Happy 12th birthday to my little Queen Nosilla!)
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.)
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.)
To: Junior
7
posted on
06/29/2005 10:56:51 AM PDT
by
cjshapi
To: Tijeras_Slim
Jeez Better spelled "Sheesh".
To: presidio9
Egads! That's a trader's nightmare come true.
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?
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)
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)
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!)
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.)
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)
To: martin_fierro
Better yet, spelled "cheese" ...
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)
To: presidio9
I'm guessing that she will leave this bullet point off her resume.
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)
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)
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