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25-May-07 STI Day Low at 3124 - Miscalculation? Post Reply Rate topic
skyne7 Member	25-May-2007 20:35        skyne7 About Contact  Quote this Post!
x 0   x 0  Alert Admin	if DBS were to trade at this price, think many people will be rushing to bank to try cash out their $$...
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Nostradamus Supreme	25-May-2007 18:09        Nostradamus About Contact  Quote this Post!
x 0   x 0  Alert Admin	DMG & Partners said most of the erroneous trades in shares in DBS that took place on Friday had been cancelled, and the mistake could cost the firm about $50,000. The transactions had briefly triggered a 400-point drop in the Straits Times Index in the opening seconds of trade. DMG had requested that counterparties cancel the trades, a DMG trader said earlier in the day. "Most of the error trades have been cancelled," said Ena Su, executive director of DMG, in an e-mail. "We are currently working with the Singapore Exchange to find a satisfactory solution. In the event that DMG has to bear certain responsibilities for the outstanding trades under dispute, we estimate that the impact is about $50,000." Traders said a DMG trader had wanted to key in an order to sell DBS structured warrants but had inadvertently put in an order to sell shares in Singapore's biggest bank. "There were two trades done at $0.27. It is obviously a mistake. It must be a keying-in error, looks like it could have been for a warrant," said a trader at a Singapore bank. According to Reuters data, 167,000 DBS shares were sold at $0.27 just after the market opened at 9 a.m. "It's a remisier. He probably hit the wrong counter. It's happened before. Of course it's not something that you want to see, but it's human error. He'll probably just receive a warning letter," said Chan Tuck Sing, a dealing director at UOB Kay Hian. A spokeswoman for Singapore Exchange said the stock market operator had been informed of an erroneous trade in DBS shares and was investigating what had happened.
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lat75a08 Member	25-May-2007 09:44        lat75a08 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think MAS is the governing body.
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hotstock Veteran	25-May-2007 09:27        hotstock About Contact  Quote this Post!
x 0   x 0  Alert Admin	Investors need to tolerate system error (if really the case) and may cause a panic. Why are there no safe guard to such erratic swing (imagine 300+ points down).   Else where such incident will get a whip and a fine. We see no report on why such things happen as long as no one blow a whistle. Is such market fair? Is there a governing body to check the erratic system that we trade on and imposing penalty if it does fail? I think we are all not protected in anyway in this kind of market
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lat75a08 Member	25-May-2007 09:20        lat75a08 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think the sgx system screwed again. Low at the low of DBS share. And this is not the first time this year. Think about the $ people may loose.
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K.H.Neo Member	25-May-2007 09:13        K.H.Neo About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think is the system error i got a shock too
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hotstock Veteran	25-May-2007 09:04        hotstock About Contact  Quote this Post!
x 0   x 0  Alert Admin	Anyone can offer an explanation?
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