"Somebody's sure to notice this..."

Discussion in 'Wall St. News' started by Chagi, Jun 28, 2005.

  1. Chagi



    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."

  2. Who knows..it might outperform their other portfolios :D
  3. Sashe


    maybe they should even add to their losers :eek:
  4. Fubar Securities. Hehe. Thats a good one.
  5. FredBloggs

    FredBloggs Guest

  6. lescor


    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!
  7. keyser1


    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).
  8. No kidding, plus I doubt if she ever makes another mistake.

  9. jsmith



    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.

  10. A traders job is unique...Humans make mistakes at work, but traders cannot....
    #10     Jun 28, 2005