Feeds

Cyberchump trader buys $90bn in Sony stock by mistake

There goes the annual bonus...

  • alert
  • submit to reddit

Security for virtualized datacentres

Sony's share price rose 6.7 per cent for three minutes because of an unfortunate blooper by an unnamed trader on the Tokyo Stock Exchange, according to a Bloomberg report. Finger trouble apparently caused someone to buy 900 million shares in the company, sending Sony surging upwards until the error was discovered.

The numbers are worth conjuring with. Sony's shares are around the Y10,000 mark, which is $100 a share. So if you bought 900 million shares in Sony, you'd be shelling out the non-trivial sum of $90 billion, ie. enough to buy maybe 15-20 3G European cellular licences, slightly more than IBM's gross revenues for 1999, almost as much as Lou Gerstner's stock options, or enough to keep The Blessed Bill Gates in charitable works for approximately six months (we made the last two up).

Unsurprisingly the goof was discovered quickly, and corrected. But as Bloomberg notes that Sony's stock price rose Y420 on the day, we calculate that the rogue trader missed out on a paper profit of approximately $3.8 billionby chickening out of being the mother of all day traders.

Nobody's putting their hands up to being the culprit, but Bloomberg says some traders are muttering about BNP Paribas Securities Japan Ltd. ®

Security and trust: The backbone of doing business over the internet

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Why Oracle CEO Larry Ellison had to go ... Except he hasn't
Silicon Valley's veteran seadog in piratical Putin impression
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.