Friday, October 27, 2006

Just when you think you are having a bad day.....

.... there is always someone else who is having a worse one!

The Tokyo Stock Exchange (TSE) is being sued for $350m (£185m) by a trading company at the centre of a giant share sale error.

A trader with Mizuho Securities mistyped an order and sold 610,000 shares for one yen instead of one share for 610,000 yen last December. 1 Japanese yen = 0.00839066958 U.S. dollars!

A fault in the TSE's computer system meant the trade could not be cancelled and Mizuho lost $225m. Doh!

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