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In order to have legal certainty and in order to avoid the situation that courts have to decide ex-post if a trade should be binding or not, erroneous trade rules of exchanges usually exclude civil-law rescission rights.
By May 7, 2018, Samsung Securities stated that it would file criminal lawsuits against employees who sold their shares during the fat finger incident. [3] On May 28, 2018, government prosecutors raided the Samsung offices.
It’s officially one of the costliest typos ever: U.K. financial regulators just fined Citigroup Global Markets Ltd. (CGML) $79 million for a “fat-finger” trade one of its employees placed by ...
Three years ago, as the long-struggling Citigroup was in a tailspin over a billion-dollar fat-finger error, the bank announced its next CEO, Jane Fraser. Jane Fraser is trying to pull chronically ...
Editor’s note: The article and headline have been updated with the correct figures for Storebrand’s market cap. Storebrand, a leading Norwegian financial services group worth more than $3 ...
This type of event occurred on May 6, 2010 in the United States. A $4.1 billion trade on the New York Stock Exchange (NYSE) resulted in a loss to the Dow Jones Industrial Average of over 1,000 points and then a rise to approximately previous value, all over about fifteen minutes.
Mistake fares can wildly range in price, some going so low as to even be free. There are different types of mistake fares, one of which is nicknamed the "fat finger fare." It refers to data entry mistakes or a misplaced decimal point. [4] Another one includes the ability to get a cheaper flight by paying in a different currency.
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