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Subject:RE: Are You Sure? (Fri.) From:"Nuckols, Kenneth M" <Kenneth -dot- Nuckols -at- mybrighthouse -dot- com> To:"List,Techwriter" <techwr-l -at- lists -dot- techwr-l -dot- com> Date:Fri, 9 Dec 2005 14:19:04 -0500
Gene said...
>
> If the going price for one share is 610,000 yen and I place an order
for
> any number of shares at only 1 yen there shouldn't be any trade to
stop
> in the first place, because there isn't going to be a seller anywhere
> willing
> to fill it. The only thing the system should do in response to any
such
> attempt
> is signal a bunch of people in some brokerage office to laugh at me.
This
> system has much bigger problems than the lack of a user verification
> dialog.
>
> Gene Kim-Eng
>
I just looked up a few related articles, and the shares sold belonged to
a company called J-Com, which was having its IPO on the Japanese market.
The brokerage house was called Mizuho Securities.
Apparently the IPO was at 610,000Y; the trade was for 610,000 shares at
1Y each, but that was 41 times the number of shares released in the IPO
(in other words, there should have been ONLY +/- 14,878 shares of the
company to buy or sell at ANY price).
Gene makes a good point, and a few unanswered questions I have are:
1. Does there not have to be a willing "sell" order somewhere in the
market with a price that matches the desired "buy" price?
2. Should there not be some mechanism to understand that there is a
limit of "X" shares of a particular stock in circulation, so no "Buy" or
"Sell" orders for X+1 would be possible?
3. Should not the regulatory body (Japanese version of the SEC) be
monitoring and regulating (a) the number of shares of a company in
circulation, (b) the "market price" of said shares, (c) matches between
"buy" orders and "sell" orders for shares of a particular company?
Heck, if the Tokyo Stock Exchange is so poorly regulated, a person could
take $10,000 U.S., and by forcing a few well-timed "Buy" and "Sell"
orders on the Japanese market would wind up controlling 90% of the
economic wealth of the Asian continent in a matter of a few days.
Gee--seems to me like I'm in the wrong business...
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