you really could not make this up, instead of ordering corporate bonds worth 30 million yen, the Japanese arm of Swiss bank UBS asked for bonds worth 3 trillion yen, the difference of five zeros meant the order would cost £21BILLION, rather than the more modest £210,000 intended, to put this in perspective, the size of the botched order by UBS on Wednesday far exceeded the 595 billion yen in total convertible bond turnover on the Tokyo exchange for all of last year (my italics)
but it was all OK, the bank insisted it was due to a computer glitch rather than the infamous 'fat finger syndrome', which in recent years has seen traders make massive mistakes by pressing too many zeros on the keyboard, thankfully for UBS Securities Japan, the Tokyo Stock Exchange was able to cancel the order.
Thursday 26 February 2009
Can I Buy £210,000 Of Shares Please?
opps! I have pressed the wrong button and bought £21BILLION of them!
you really could not make this up, instead of ordering corporate bonds worth 30 million yen, the Japanese arm of Swiss bank UBS asked for bonds worth 3 trillion yen, the difference of five zeros meant the order would cost £21BILLION, rather than the more modest £210,000 intended, to put this in perspective, the size of the botched order by UBS on Wednesday far exceeded the 595 billion yen in total convertible bond turnover on the Tokyo exchange for all of last year (my italics)
but it was all OK, the bank insisted it was due to a computer glitch rather than the infamous 'fat finger syndrome', which in recent years has seen traders make massive mistakes by pressing too many zeros on the keyboard, thankfully for UBS Securities Japan, the Tokyo Stock Exchange was able to cancel the order.
you really could not make this up, instead of ordering corporate bonds worth 30 million yen, the Japanese arm of Swiss bank UBS asked for bonds worth 3 trillion yen, the difference of five zeros meant the order would cost £21BILLION, rather than the more modest £210,000 intended, to put this in perspective, the size of the botched order by UBS on Wednesday far exceeded the 595 billion yen in total convertible bond turnover on the Tokyo exchange for all of last year (my italics)
but it was all OK, the bank insisted it was due to a computer glitch rather than the infamous 'fat finger syndrome', which in recent years has seen traders make massive mistakes by pressing too many zeros on the keyboard, thankfully for UBS Securities Japan, the Tokyo Stock Exchange was able to cancel the order.
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