Japanese Software Bugs Bite Back
Christian Caryl writes in Newsweek:
For 2006, the Tokyo stock exchange has decided to supplement its computer systems with an exotic new backup technology: people.
In December an employee at the Japanese investment firm Mizuho entered a mistaken sell order into the TSE's computerized trading system, which didn't allow the trade to be canceled once the mistake was noticed. The result: a transaction that ended up costing the company about $346 million. Earlier, on Nov. 1, another computer glitch had shut down the entire bourse for four hours.
Hence the announcement, just before Christmas, that a group of select officials who monitor trading at the exchange would henceforth be allowed to suspend transactions that look like mistakes—something that wasn't permitted under earlier rules.
posted by Fergie @ 1/12/2006 10:43:00 AM
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