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Subject:Re: Are You Sure? (Fri.) From:Bill Swallow <techcommdood -at- gmail -dot- com> To:Gene Kim-Eng <techwr -at- genek -dot- com> Date:Fri, 9 Dec 2005 13:57:36 -0500
You're absolutely right. Without a computation check on the order
prior to processing, there would be no way to catch such an error.
Sounds like the company and the seller got hit, where all the buyers
may also get hit if this error tanks the company.
On 12/9/05, Gene Kim-Eng <techwr -at- genek -dot- com> wrote:
> Ok, here's the actual error:
> It was a *sell* order. The order was to *sell* 16 shares at
> 610,000 yen and inadvertently entered as sell 610,000 shares
> at 16 yen. Almost 65,000 shares were bought before the order
> was stopped, and now the brokerage house is obligated to buy
> those shares at market price and sell them to those who bought
> at a price of 16 yen per share.
> I am of the opinion that a simple "are you sure?" dialog would not
> have assured prevention of this, as most people will look at an
> error they've just made and not notice it. The SW would have
> to actually compare the price entered to the current market price
> and then pop up an "are you crazy?" message.
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