"UBS is a premier global financial services firm offering wealth management, investment banking, asset management and business banking services to clients..."
That's what Swiss-based uber-bank, UBS, has to say about itself. Possibly, just possibly it hasn't communicated this to its Japanese unit. Or, as is more likely, the Tokyo Stock Exchange didn't listen to the mission statement.
Why?
According to the BBC, "a UBS Securities Japan employee had been trying to buy 30 million yen of bonds in computer games firm Capcom, but because of a computer error, 3 trillion yen's worth was ordered instead."
As we see, the company reinforced that this was not human error. There's a relief for investors. Nope, it was a computer error... a computer error in an investment organisation whose trades are carried out by computer.
Let's get this straight. A single, isolated, easy to replace human being didn't cause the Capcom cock-up, a computerised trading system mistook 30 million major currency units for three trillion major currency units.
And not one in UBS's system either because it's the Tokyo Stock Exchange that has apologised to Capcom. Bear in mind that the TSE recently introduced a new paperless trading system.
We feel so much safer now.
That's what Swiss-based uber-bank, UBS, has to say about itself. Possibly, just possibly it hasn't communicated this to its Japanese unit. Or, as is more likely, the Tokyo Stock Exchange didn't listen to the mission statement.
Why?
According to the BBC, "a UBS Securities Japan employee had been trying to buy 30 million yen of bonds in computer games firm Capcom, but because of a computer error, 3 trillion yen's worth was ordered instead."
As we see, the company reinforced that this was not human error. There's a relief for investors. Nope, it was a computer error... a computer error in an investment organisation whose trades are carried out by computer.
Let's get this straight. A single, isolated, easy to replace human being didn't cause the Capcom cock-up, a computerised trading system mistook 30 million major currency units for three trillion major currency units.
And not one in UBS's system either because it's the Tokyo Stock Exchange that has apologised to Capcom. Bear in mind that the TSE recently introduced a new paperless trading system.
We feel so much safer now.
Companies:
Capcom
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