UBS has accidentally ordered 3trn yen (£21bn) of bonds due to a computer error.
The firm's Japanese operation, UBS Securities Japan, asked the Tokyo Stock Exchange to cancel its request.
Reports suggest the Stock Exchange agreed to cancel the embarrassing order for 3trn yen of bonds in the computer games maker Capcom.
Luckily for UBS, the order was made during out-of-hours trading, meaning it was far simpler to resolve.
UBS Securities Japan has made similar mistakes in the past, including accidentally issuing an order to sell shares in Dentsu in 2001. The firm was forced to but more shares in order to honour the order.
As a result of errors in the past, the Tokyo Stock Exchange has introduced rules allowing large-scale errors to be cancelled.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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