Post by IAMCAPER on Jun 30, 2005 15:59:37 GMT -4
TAIPEI, Taiwan - A Taiwan stock trader mistakenly bought $251 million worth of shares with a mis-stroke of her computer, meaning her company is looking at a paper loss of more than $12 million and she is looking for a new job.
The trader with Fubon Securities made a typo while filling in a small order from Merrill Lynch on Monday, creating confusion when many small firms inexplicably surged past the 7 percent trading limit.
“Something like this is difficult to explain to superiors,” a Fubon executive said on Tuesday.
Fubon said that the trader was unfamiliar with new computer systems and would be fired.
“There is a paper loss of more than T$400 million,” said the executive.
“However, with a good outlook for stocks in the second half, there are no plans to sell the shares in the near term.”
The trader with Fubon Securities made a typo while filling in a small order from Merrill Lynch on Monday, creating confusion when many small firms inexplicably surged past the 7 percent trading limit.
“Something like this is difficult to explain to superiors,” a Fubon executive said on Tuesday.
Fubon said that the trader was unfamiliar with new computer systems and would be fired.
“There is a paper loss of more than T$400 million,” said the executive.
“However, with a good outlook for stocks in the second half, there are no plans to sell the shares in the near term.”