Notification of Error Trade by a Broker Firm

wmdcf · 1 Notification of Error Trade by a Broker Firm Tue May 31, 2011 12:07 pm

wmdcf

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A Broker Firm has informed the CSE regarding the following error trades executed on 31st May 2011.^ ^ SEYB(X) 1,300,000 shares at Rs. 50.00^ ^ The relevant Broker Firm has informed the CSE that they are in the process of taking necessary steps to cancel the trades in consultation of the contra Brokers. ^

monash · 2 Re: Notification of Error Trade by a Broker Firm Tue May 31, 2011 4:08 pm

monash

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Can they cancel a order once it is executed? What i know is once the order executed, nobody able to cancel the order.. Can somebody explain how this happen?
scratch

This is not ethical if it's legal.. because it would mislead other investors.. especially retailers. Then what would happen to the poor people who bought seyb x above 40 because of that crossing? This is unfair..

Evil or Very Mad

Gaja · 3 Re: Notification of Error Trade by a Broker Firm Tue May 31, 2011 4:22 pm

Gaja

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http://forum.srilankaequity.com/t4277-seybx-to-touch-50#28779 - see this post friend this may be helpful to you

widanage · 4 Re: Notification of Error Trade by a Broker Firm Tue May 31, 2011 10:39 pm

widanage

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monash wrote:Can they cancel a order once it is executed? What i know is once the order executed, nobody able to cancel the order.. Can somebody explain how this happen?

This is not ethical if it's legal.. because it would mislead other investors.. especially retailers. Then what would happen to the poor people who bought seyb x above 40 because of that crossing? This is unfair..

This was happened due to a typo error as per the broker. One of their customers wanted to by 1.5 Mn shares of TYRE @ 50 but ended up in typing SEYB.X instead of TYRE. The order was executed through the internet by the customer himself and there was no way to stop. They managed to cancel most of the trades gone through brokers by agreement but not the internet orders. Even with brokers some of the investors have refused the reverse the transactions.

In first place it is pretty hard to buy the story by the brokers since SEYB.X and TYRE are far apart alphabetically.

Secondly, to place a Rs 75.0Mn worth order by a single click must be a HNWI who can absorb a considerable loss. For our poor panic investors its vice vesra and no broker will help them to reverse their transactions.

xhora · 5 Re: Notification of Error Trade by a Broker Firm Tue May 31, 2011 10:47 pm

xhora

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must be a helluva typo TYRE instead of SEYB.X

yet again we don't type share names when we place orders would we.
I just right click > Trade > Buy/Sell