Equity round-up: Oops, I did it again
The Tokyo Stock Exchange found that a malfunction in its new and trouble-prone trading system prevented Mizuho Securities from being able to cancel the mistaken J-Com order.
Additionally, the order, for 40 times more J-Com shares than actually exist, should have automatically been cancelled by the exchange. Mizuho is now threatening to sue the Tokyo Stock Exchange and the exchange’s plans for an IPO are in jeopardy. The fault is the second serious failing of the Tokyo bourse’s new trading system in as many months. In November, another glitch in the same new computer system caused the first shutdown in the Tokyo exchange’s 56-year history.
TSE sued over Mizuho keystroke blunder
Trading blunders: This month, the Tokyo Stock Exchange