Seems some error internally caused a 10 million dollar loss. (more than compensated by nice earnings) Corp action related, according to the Chairman. Things happen, not too shocking. Would be nice to know exactly what that error was. This is according to the Conf call. Can anyone from IB comment?
Fat finger. Some monkey at IB keyed in 1.2 cents instead of 1.2 dollars... And his supervisor was on vacation at the time too...
Fat finger errors cost traders billions every year. http://www.google.com/search?q=fat+...s=org.mozilla:en-US:official&client=firefox-a
http://investors.interactivebrokers.com/download/Q4_08_earnings_release.pdf IB knocked it out the park and the stock doesn't move?
They missed on both EPS and revenues. EPS was light 4 cents and they came up short by $15 million on revenues.
I heard the comment. They would have had to sell 10,000 contracts to lose 10 million if they were mispriced by $100 each. I could do the work, but does anyone know what stock this was?
http://business.timesonline.co.uk/tol/business/markets/japan/article775136.ece perhaps this was the fat finger trade of all times. it looks like the trade was not busted.