'Fat finger' error sees the cancellation of £381bn share orders in Tokyo
Share orders worth more than the size of Sweden’s economy were cancelled in Tokyo after a ‘fat finger’ error, the Japan Securities Dealers Association has revealed.
Toyota Motor Corporation(Sapporo)
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Orders for stocks in 42 Japanese firms, including Toyota, Honda, Canon and Sony, totalling 67.78trn yen (£381bn), were overturned in early trading on the Tokyo Stock Exchange.
An order for 1.96bn shares in Toyota for 12.68trn yen was the largest of the orders that were cancelled due to the slip-up by a yet-to-be-identified trader.
“I’ve never heard of orders this big being cancelled before,” Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank, told Bloomberg.
Gavin Parry, managing director at Hong Kong-based brokerage Parry International Trading, added: “It’s not rocket science that there was a fat finger here, but it reopens the questions about accountability.”