Repeated Fiasco.

"Sell 610,000 stocks in 1 yen."

It's very obvious for everyone that this is an erroneous order.
The correct order must be "Sell 1 stock in 610,000 yen."

Mizuho Investors Securities made this order for J-Com stocks on last December 7.

And amazingly, this order was accepted.
Of course it's because of COMPUTER.

The price of J-Com stocks slumped to 572,000 yen.
No wonder, they made an order which was 42 times of the enlisted stocks.
It automatically means they sold short.

They noticed of the mistake 85 seconds later, and tried to cancel the order.
But this time, cancellation was rejected.
So they had to repurchase it to cover.po to 772,000 yen.
Few minutes later, J-Com stocks were suspended to trade.
Finally, Mizuho was not able to cover 96,236 stocks.

They lost 27 Billion yen in few minutes.
(By the way, it was swollen into 40 Billion yen on December 12.)

Now, whose fault is this?

The human error was caused by Mizuho, so it's natural to think that they have to take the responsibility.

However, TSE also admitted that they had a defect of not accepting the cancellation.
So the responsibility after the 85 seconds must be taken by TSE.
And also by Fujitsu, who made the system for TSE.

The fiasco was repeated.
It's fresh in our memory that all the trades was suspended on November 1.

Human errors are inevitable.
But we can make a fail-safe system.
The trade must be automatically rejected by computer, when a trader presents "impossible" value.

Actually, TSE called Mizuho about bulk amount of the strange trade.
But they just asked to cancel it.
They were able to stop the trade by themselves, but they neither did it nor made sure that they've cancelled it.

TSE is quickly losing trust.

I just wish that this won't become the trigger to the way of depression in economy of Japan.