There has been another incident damaging the credibility of the Tokyo Stock Exchange.
The TSE has admitted that it executed sell orders Friday without a buyer. It blames a mysterious computer glitch for selling shares of the Mizuho Financial Group (Japan's largest bank). MFG closed Friday at 330,000 yen, up 5,000 yen.
The TSE says it ended up buying the shares with its own money and says the glitch had "little impact" on the stock's price.
The exchange is promising a full investigation.
This is the second major incident involving the TSE's current trading system, which was unveiled in May, 2000. This past July the exchange was plauged with a delay in market information and trade confirmations.
2003.10.04
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