The Tokyo District Court on Friday ordered the Tokyo Stock Exchange to pay about ¥10.7 billion in damages to Mizuho Securities Co., saying the bourse is more to blame in a case of botched trading in 2005 that caused the brokerage to incur hefty losses.
Mizuho Financial Group Inc.'s brokerage unit sued the TSE in October 2006, seeking ¥41.5 billion in damages because the Tokyo bourse's computer system failed to respond to a cancellation order for a large number of erroneous sell orders it placed on J-Com Co. shares on the Mothers market of the TSE in December 2005.
The mishap occurred on Dec. 8, 2005, when Mizuho Securities mistakenly placed a sell order for 610,000 shares in staffing company J-Com for ¥1, although it had intended to sell one share for ¥610,000.