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Fat Finger: Tokyo Stock Exchange Told to Pay $121 Million in Damages

December 5th, 2009

Via: BBC:

A Japanese court has ordered the Tokyo Stock Exchange (TSE) to pay 10.7bn yen ($121m; £73m) in damages for failing to stop a huge trading error in 2005.

The TSE must pay Mizuho Securities the compensation after admitting that a system fault prevented a trader from cancelling an erroneous share sale.

The trader had entered an order to sell 610,000 shares for one yen each instead of one share at 610,000 yen.

The error cost the firm 40.7bn yen. The TSE said it would consider appealing.

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