============ Something else interesting about that ,NYSE CEO Thain noted if that had happened on NYSE, a specialist could have stepped in and asked if they really wanted to do that????? Source=Investors Busines Daily/investors.com investors.com Wed DEC 14
yes. a specialist COULD have done that. WOULD he have done that though? i dont believe there are any rules saying he must are there? (i really dont know) dog eat dog. this is marketing spin talk the ceo.
From the WSJ: TOKYO -- As Mizuho Securities Co. settled its massive botched trade yesterday, several big brokerage houses such as UBS Securities, Morgan Stanley and Lehman Brothers Holdings Inc., as well as thousands of individual investors, walked away with handsome profits. The development showed how some smart investors quickly turned a misfortune into a money-making opportunity. On Thursday of last week, the brokerage arm of Mizuho Financial Group mistakenly offered to sell 610,000 shares of a small recruitment company called J-Com Co. at one yen, instead of the intended one share at 610,000 yen ($5,095). Under an emergency settlement plan implemented yesterday, Mizuho paid 912,000 yen a share to investors who bought shares of J-Com, suffering a loss of $335 million. The settlement price was 53% higher than the average price that investors paid on their first day of trading. So far, UBS AG's brokerage unit appears to be by far the biggest beneficiary. The Swiss firm said it had accumulated 38,198 shares of J-Com, more than twice the number of the outstanding shares of the company. UBS wouldn't discuss further details of its purchase, but using the average purchase price of 595,000 yen during Thursday's trade, its profit would amount to roughly $101 million. Other big buyers include Morgan Stanley with 4,522 shares, Lehman Brothers with 3,150 shares, Credit Suisse Group's CSFB securities unit with 2,889 shares and Nomura Holdings Inc.'s Nomura Securities with 1,000 shares. Thursday's trading log shows that most of the purchases by these firms probably took place at or near the day's low of 572,000 yen.
Whole thing is a disgrace. Trades should have been busted same day. Stick to making pocket radios guys,
Havent these people heard of limit orders? And also what about only shorting on a down tick? Dont they have that rule there?
I wonder if these traders know the seppuku after disgracing their firms and causing havoc in the markets??? http://en.wikipedia.org/wiki/Seppuku Mark (a.k.a. NihabaAshi) Japanese Candlestick term