Tuesday, December 13, 2005

Tokyo Exchange Struggles With Snarls in Electronics - New York Times

Tokyo Exchange Struggles With Snarls in Electronics - New York Times: "The latest electronic mix-up began last Thursday during the initial public offering of J-Com, a small recruiting company. An employee at Mizuho, a subsidiary of the Mizuho Financial Group, mistakenly typed an order to sell 610,000 shares at 1 yen, or less than a penny each, instead of an order to sell one share at 610,000 yen ($5,057) as intended, the brokerage said.
At that price, the sale would have been worth $3.1 billion, far more than the company's actual value. But the number of shares ostensibly being sold far exceeded the shares on offer."

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