japan court fines tokyo bourse over 400m bank blunder
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Japan court fines Tokyo bourse over $400m bank blunder

Arab Today, arab today

Arab Today, arab today Japan court fines Tokyo bourse over $400m bank blunder

Tokyo - AFP

A Japanese appeals court Wednesday ordered the Tokyo Stock Exchange to pay $107 million compensation over its failure to stop a $400 million trade blunder in 2005, upholding the initial verdict. The lawsuit against Asia's largest bourse was filed by Mizuho Securities -- part of Japanese mega bank, Mizuho Financial Group -- which demanded 41.5 billion yen ($416 million) in compensation. The Tokyo District Court ruled that the TSE must pay 10.7 billion yen to the securities firm, saying Mizuho must bear part of the responsibility after one of its employees placed an erroneous -- and very costly -- order. The trader punched in a sell order for 610,000 shares in a telecom firm at one yen each, instead of one share at 610,000 yen, briefly causing turmoil on the Tokyo bourse, whose head resigned soon afterwards to take responsibility. The TSE had admitted that a fault in its system prevented the trader from cancelling his command, leaving his firm saddled with a loss of more than 40 billion yen. Mizuho Securities said its claim against the TSE reflected losses on sales completed after the cancel instruction was made, and argued that the exchange was entirely culpable for the loss. But the lower court said the trading firm bore some responsibility and the Tokyo High Court on Wednesday upheld that ruling. Last month, a German court heard how a bank employee had fallen asleep on his keyboard and accidently transferred 222 million euros ($293 million), instead of the 62.40 euros he had intended.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japan court fines tokyo bourse over 400m bank blunder japan court fines tokyo bourse over 400m bank blunder

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japan court fines tokyo bourse over 400m bank blunder japan court fines tokyo bourse over 400m bank blunder

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday