$225 Million Typing Error

[jeffrey]

Mizuho Financial Group Inc., Japan's second-biggest bank, said a typing error at its brokerage arm that triggered $3.5 billion of trades has cost the bank at least 27 billion yen ($225 million).

The error at Mizuho Securities Co. sparked trades in shares of J-Com Co., a company valued at $93 million. More than 700,000 J-Com shares changed hands in its stock market debut yesterday, following an erroneous sell order from Mizuho. The stock was the most active by value on the Tokyo exchange. The Osaka-based telecommunications company sold 2,800 shares in its initial public offering this month, or a fifth of the outstanding stock... Entire Story