26 Feb 2009
A system error at the Japanese securities arm of investment bank UBS caused a convertible bond order to be sent for £21bn instead of £210,000, the banking giant has admitted.
UBS said the mistake was not due to traders pressing too many zeros on the keyboard and added that it was able to rectify the blunder, which occurred in the Tokyo Stock Exchange's ToSTNeT system.
Since the order was placed after trading hours, the mistake had no real impact on financial markets and was called off at no cost to the bank.
In a statement, UBS said that it "apologises for the error and for any inconvenience caused to market participants."
Have your say on this article
Newsletters
Latest stories from Finance and Reporting
Latest videos
You may also like
Finance and Reporting jobs
Technology Patent Wars
Case studies from large organisations across all sectors
... And rich media, and flexible working, and peaks in traffic ...
Upcoming Events
Join us for this Computing web seminar, in which the Head of BI at the Co-operative Group Nick Colebourn will be explaining just how he reigned in the Group’s sprawling database estate and how significant savings were realised and data quality improved as a result.
Date: 31 May 2012
Time: 11:00 AM
Live June 13th 11:00am: Register now. During this web seminar we will be looking at the sorts of incidents that can bring data centres grinding to a halt and what can be done about them.
Date: 13 Jun 2012
Time: 11:00 am
Receive the latest jobs direct to your inbox
Are you being paid what you are worth?
