http://news.yahoo.com/s/nm/20050628...sXtiBIF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl TAIPEI (Reuters) - A Taiwan stock trader mistakenly bought T$7.9 billion ($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 mis-keyed in a small order from Merrill Lynch Monday, creating confusion when many small firms inexplicably surged the 7 percent trading limit. "Something like this is difficult to explain to superiors," a Fubon executive said 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."
What, you mean institutional traders in Taiwan don't get a do-over for mistakes like they do in the states? The company is actually responsible for the losses? What a backwards market!
Maybe they ought to teach the traders how to use the new computer system before they f up. I think the trader's superiors should be fired cuz of this, not the trader (unless the trader was given time to learn and just didn't).
Haaahaa... Reminds me of the numerous times some brokers here in the U.S. entered a order wrong and pushed the market way up or down and ended up busting all the trades. The stupid brokers should pay for their mistakes instead of busting all the trades.