Fat finger bug

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A fat-finger error ( english fat-finger error , Dicker Finger Error ' ) is a typo on the computer keyboard at shops in the financial market , to be implemented by the much higher amounts than intended. Such an error can trigger a mistrade , so that the transaction may have to be subsequently canceled if the mistrade deadlines have been met.

General

The fat finger error only occurs with numbers of which the wrong, too few, too many or number rotations have been entered unintentionally . At high labor intensity , it can then be operating errors occur, the case of lack of self-control for data sharing faulty input lead. As long as there is this human error is playing in the German civil law in the care the representation obligation for negligence a decisive role. However, in order to guarantee legal security on the stock exchanges, there are mistrade rules and deadlines on many stock exchanges , after which civil law cancellation and contestation rights are often explicitly excluded.

Examples

  • In December 2001, a UBS Warburg bank dealer sold 610,000 shares at 6 yen each instead of 16 shares at 600,000 yen each. Since the deals were not canceled as a mistrade by the Tokyo Stock Exchange , UBS had to buy back the shares at higher prices. The loss to the bank was $ 100 million.
  • In April 2012, an employee of the Frankfurter Volksbank changed the transfer of a pensioner from 62.40 euros to 222 million euros. The bank clerk fell asleep and got 2stuck on the key .
  • In October 2014, a stock exchange trader in Japan ordered shares for the equivalent of $ 617 billion.
  • In June 2015, a Deutsche Bank employee accidentally transferred $ 6 billion to a hedge fund .
  • In 2015, an extremely large mistrade occurred in Germany when the German securities trader Armin S. bought certificates for 326,400 euros. Six days later - in retrospect - the papers were valued at 163 million euros by the selling bank BNP .

See also

Individual evidence

  1. ^ Conditions for transactions on the Frankfurt Stock Exchange. (PDF) (No longer available online.) Frankfurter Börse, June 26, 2017, p. §32 Exclusion of civil law claims , formerly in the original ; Retrieved June 26, 2017 .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.xetra.com  
  2. ↑ These mishaps shook the stock markets . Handelsblatt , October 20, 2015
  3. ↑ The Eight Biggest Fat Finger Mistakes In History . Focus , June 13, 2013
  4. ↑ Typos with 222 million euros . Spiegel Online , June 11, 2013; accessed on December 21, 2017
  5. ↑ Dealer orders shares for 617 billion . Blick.ch , October 2, 2014
  6. ↑ The Six Billion Dollar Mistake . FAZ , October 20, 2015
  7. ^ "Mistrades": The 163 Million Euro Man? In: FAZ . July 30, 2017. Retrieved October 30, 2017 .
  8. ↑ Armin S .: Millionaire on paper. (PDF) Protection Association of Investors, September 1, 2016, accessed on June 23, 2017 .
  9. ↑ Daytrader demands from BNP Paribas € 152 million due to price error. In: Welt Online . Retrieved June 24, 2017 .
  10. ^ Jean-Philippe Lacour: Un trade réclame 161 millions d'euros à BNP Paribas. In: lesechos.fr. March 11, 2017, accessed June 23, 2017 (French).