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National News

Firms may return profit from error

Six brokerage houses are considering returning about ¥16.8 billion in windfall profit they made on a trade error, sources said Dec. 14.

The move would offset part of some ¥40 billion in losses Mizuho Securities has suffered from the settlement of the erroneous order.

On Dec. 8, a trader at Mizuho erroneously entered an offer to sell 610,000 shares of J-Com for ¥1 each. The brokerage had intended to sell one share at ¥610,000.

As J-Com's share price plunged from its debut of ¥672,000 to a predetermined minimum price of ¥572,000, investors snapped up some 700,000 shares.

The six companies bought about 53,000 J-Com shares with UBS Securities Japan getting nearly 39,000 shares and pocketing about ¥12 billion.

The five other companies are Morgan Stanley Japan, Lehman Brothers Securities, Credit Swiss First Boston Securities, Nikko Cordial Securities and Nomura Securities.

The Tokyo Stock Exchange has also been ordered to improve its operations after the exchange was found partly responsible because of its computer glitch that could not immediately stop the erroneous sell order. (AP)

Shukan ST: Dec. 23, 2005

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National News Firms may return profit from error Six brokerage houses are considering returning about ¥16.8 billion in windfall profit they made on a trade error, sources said Dec. 14. The move would offset part of some ¥40 billion in losses Mizuho Securities has suffered from the settlement of the erroneous order. On Dec. 8, a trader at Mizuho erroneously entered an offer to sell 610,000 shares of J-Com for ¥1 each. The brokerage had intended to sell one share at ¥610,000. As J-Com's share price plunged from its debut of ¥672,000 to a predetermined minimum price of ¥572,000, investors snapped up some 700,000 shares. The six companies bought about 53,000 J-Com shares with UBS Securities Japan getting nearly 39,000 shares and pocketing about ¥12 billion. The five other companies are Morgan Stanley Japan, Lehman Brothers Securities, Credit Swiss First Boston Securities, Nikko Cordial Securities and Nomura Securities. The Tokyo Stock Exchange has also been ordered to improve its operations after the exchange was found partly responsible because of its computer glitch that could not immediately stop the erroneous sell order. (AP) Shukan ST: Dec. 23, 2005 (C) All rights reserved