$617 Billion Oopsy Daisy

Mistakes occur periodically on the world’s electronic trading venues. In 2009, UBS AG accidentally ordered 3 trillion yen of convertible bonds issued by Capcom Co. In 2005, Mizuho Financial Group Inc.’s securities unit was unable to cancel a mistyped order for J-Com Co., costing the bank 27 billion yen at the time.

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“I’ve never heard of orders this big being canceled before,” said Ayako Sera, a Tokyo-based market strategist at Sumitomo Mitsui Trust Bank Ltd., which oversees about $474 billion. “There must have been an error.”

[…]

“I don’t think we can find out who did this,” Jefferies’ Yamamoto said. “OTC transactions happen directly between two parties, which makes it difficult to find out who was involved. But considering the scale of the error, I guess it was a big broker.”

(source accessed 11.01.2016)