Several brokerage houses lack a counterchecking system to prevent orders from being misplaced in stock and convertible bond transactions, according to the results of a recent survey conducted by the Tokyo Stock Exchange.

The TSE conducted its survey on measures taken by brokerages to prevent erroneous orders after UBS Warburg (Japan) Ltd. and Deutsche Securities Ltd. made waves in the market between late November and early December by issuing massive erroneous sell orders.

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