{"id":242,"date":"2006-09-11T13:21:16","date_gmt":"2006-09-11T04:21:16","guid":{"rendered":"https:\/\/regex.info\/blog\/2006-09-11\/242"},"modified":"2006-09-11T13:21:16","modified_gmt":"2006-09-11T04:21:16","slug":"a-325-billion-dollar-typo-luckly-not-mine","status":"publish","type":"post","link":"https:\/\/regex.info\/blog\/2006-09-11\/242","title":{"rendered":"A 3.25 Billion-Dollar “Typo” (Luckly, not mine!)"},"content":{"rendered":"\n

\n\nA Japanese brokerage company mis-entered a stock<\/span> sell order on their\ncomputerized trading system. They transposed the number of shares they\nwanted to sell with the price-per-share at which they wanted to sell,\noffering to sell 610,000 shares of such-and-such a stock<\/span> for 1 yen each,\nrather than the intended offer to sell one share for 610,000 yen. In dollars<\/span> and cents, that's an offer to sell over half a million<\/span>\nshares<\/b> of a stock<\/span> worth over $5,000 for less than a cent<\/span> each<\/b>.\n\n<\/p>\n \n\n

\nOuch<\/b>.\n\n<\/p>

\n\nDoing the math (¥610,0002<\/small><\/sup>) one calculates\nthat it could have been “ouch” to the tune of about\n3.25 billion dollars<\/b><\/span>, but the trade was apparently\ncanceled after a loss<\/span> of “only” $351 million.\n\n<\/p>

\n\nI thought “ouch” when I first<\/span> saw this in December when\nit happened<\/a>. It's in the news\nagain<\/a> because the Tokyo Stock Exchange rejected the brokeage house's\nclaim for damages. It seems<\/span> that the brokerage house noticed the error and\ntried to cancel the order at a point<\/span> when the loss was only about $3\nmillion, but the exchange computer system wasn't working or something, and\nit went on to the $350 million loss.\n\n<\/p>

\n\nI don't think this could happen in The States, as I'm sure such an order\nwould be rejected out of hand by any exchange. Besides the price being so\nfar away from the bid\/ask, the number of shares was\n41×<\/b><\/span> the entire shares outstanding for the\ncompany, an impossible number to sell. (Why the brokerage house's computer\nsystem allowed the trade to be entered in the first place is another\nquestion.)\n\n<\/p>

\n\nAnyway, as someone who has the experience of being a bit<\/span> sloppy on my order-entry\nform and ended up doing a “buy” when I intended<\/span> a “sell,” I feel<\/span> their\npain.\n\n<\/p>\n\n\n\n\n\n","protected":false},"excerpt":{"rendered":"

A Japanese brokerage company mis-entered a stock sell order on their computerized trading system. They transposed the number of shares they wanted to sell with the price-per-share at which they wanted to sell, offering to sell 610,000 shares of such-and-such a stock for 1 yen each, rather than the intended offer to sell one share for 610,000 yen. In dollars and cents, that's an offer to sell over half a million shares<\/b> of a stock worth over $5,000 for less than a cent each<\/b>. <\/p>

Ouch<\/b>. <\/p>

Doing the math (¥610,0002) one calculates that it could have been [...]","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/posts\/242"}],"collection":[{"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/comments?post=242"}],"version-history":[{"count":0,"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/posts\/242\/revisions"}],"wp:attachment":[{"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/media?parent=242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/categories?post=242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/regex.info\/blog\/wp-json\/wp\/v2\/tags?post=242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}