Circa Pict. & Prod. Co. Intnl Inc. (fka CPPD)

[willbur]

AFX News Limited
Japan's Mizuho Securities expects 27 bln yen loss from trading error on IPO
12.08.2005, 06:13 PM
TOKYO (AFX) - Mizuho Securities Co, a brokerage unit of Mizuho Financial Group, expects to book a loss of at least 27 bln yen from erroneous trades on an Osaka-based telecom outsourcing company J-Com during its debut on the Tokyo Stock Exchange, Kyodo News reported, citing President Makoto Fukuda.

Kyodo News quoted Fukuda at a news conference last night as saying that incorrect data entry on sell orders for 610,000 shares - more than 41 times the number of J-Com's outstanding shares - was behind yesterday's trading disruptions.

He said Mizuho Securities scrambled to buy back the majority of J-Com shares sold on erroneous orders through proprietary trading.

The trades triggered a sharp plunge in the Nikkei 225-Stock Average yesterday, with the blue-chip index falling 301.30 points or 1.9 pct.

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