Barclays ‘fat-finger' trading mistake could cost £3 billion to a bank
A strike Around 11 years ago, Steve Perkins bet a $520 million wager on the price of oil after getting thoroughly blitzed over the course of a four-day drinking bender that started on Saturday with a round of golf.
Author:James PierceReviewer:Alberto ThompsonApr 20, 20213K Shares515.2K Views
A strike Around 11 years ago, Steve Perkins bet a $520 million wager on the price of oil after getting thoroughly blitzed over the course of a four-day drinking bender that started on Saturday with a round of golf.
The final trade was too much for him and he blanked out, saying he had no idea what he was doing
He is also banned from the industry because he faces an extreme threat while intoxicated
When I had to swap £50 notes at Starbucks, the stockbroker was baffled: "How come if I try to get £50, the boss doesn't get that?"
When City traders put in noughts that they don't like, and get all zeroes instead, they get all zeroes instead. Suddenly, he is now offering half a million shares in Barclays, rather than five hundred thousand.
Perhaps more usefully, they just ordered the book in the wrong way (drink may not have been involved).
In the old system, this can also happen in the turmoil of a trading session: usually, people might mess up which commodity they are trading. [Perhaps] that makes sense considering how busy it is on the trading floor.
Also, with respect to the Barclays exchange, the reaction happened because there were no bids since the two blocks of 48,000 shares were not especially relevant.
If the theory holds true, the trading houses are expected to figure out what is wrong, and then investigate it.
Stocks and other than Barclays also go up as rivals see a problem After that, they will go and make the same deal, worsening the situation They quickly hop on it, instead of trying to work it out.
James Pierce
Author
James Pierce, a Finance and Crypto expert, brings over 15 years of experience to his writing. With a Master's degree in Finance from Harvard University, James's insightful articles and research papers have earned him recognition in the industry.
His expertise spans financial markets and digital currencies, making him a trusted source for analysis and commentary. James seamlessly integrates his passion for travel into his work, providing readers with a unique perspective on global finance and the digital economy.
Outside of writing, James enjoys photography, hiking, and exploring local cuisines during his travels.
Alberto Thompson
Reviewer
Alberto Thompson is an acclaimed journalist, sports enthusiast, and economics aficionado renowned for his expertise and trustworthiness. Holding a Bachelor's degree in Journalism and Economics from Columbia University, Alberto brings over 15 years of media experience to his work, delivering insights that are both deep and accurate.
Outside of his professional pursuits, Alberto enjoys exploring the outdoors, indulging in sports, and immersing himself in literature. His dedication to providing informed perspectives and fostering meaningful discourse underscores his passion for journalism, sports, and economics. Alberto Thompson continues to make a significant impact in these fields, leaving an indelible mark through his commitment and expertise.
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