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Strategies & Market Trends : The Amateur Traders Corner -- Ignore unavailable to you. Want to Upgrade?

To: ycocko who wrote (9417)	5/16/2001 9:28:51 AM
From: gladman	Read Replies (1) \| Respond to of 19633

If you think YOUR having a bad day, consider this unlucky chap... >>May 16, 2001 Keystroke Error by Lehman Worker In London Costs Firm About $6 Million It was a multimillion dollar oops. This article was prepared by Wall Street Journal Staff Reporters Charles Gasparino, Silvia Ascarelli and Michael Sesit. A keystroke error by a Lehman Brothers Holdings Inc. employee in London that sent British stocks into a sudden dive late Monday cost the firm as much as $6 million in trading losses, according to a person familiar with the matter. Though such "data-entry problems" -- as the markets call such snafus -- occur from time to time, this one caused unusual havoc because it occurred minutes before the end of the close of trading, when volume was light. U.K. Index Slides at the Bell on Apparent Typo by Trader (May 15) Wild Swing in London Index Raises Questions About Automated System (March 24, 1998) The error turned a Lehman customer's sell order for a large basket of stocks valued at about 30 million pounds ($43.8 million) into one valued at about 300 million pounds ($438 million). That sent the FT-SE 100 index, already down modestly on the day, falling sharply; it closed down 3.5% on Monday.