Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Golden Bridge May Lose 25 Billion Won on Mistaken Futures Trade

Jan. 13 (Bloomberg) -- Golden Bridge Investment & Securities Co., a South Korean brokerage, said an employee mistakenly placed sell orders for Kospi 200 index futures, incurring a loss of as much as 25 billion won ($22 million).

About 50,000 contracts were offered and more than 20,000 were traded, the brokerage said in an-email today, without providing further details. The company’s stock fell 7.5 percent to 2,165 won at the 3 p.m. close, the most since November 2009. The benchmark Kospi Index had a 0.3 percent loss.

Golden Bridge had 11.5 billion won of net income in the 12 months ended March 2010, according to a regulatory filing.

“It’s true that there were erroneous orders by our employee, and we’re also checking whether there were any problems in our electronic system,” the Seoul-based company said.

Kong Do Hyun, a spokesman for Korea Exchange Inc., the nation’s bourse operator, said the exchange “is not in a position to comment on the characteristics of orders.”

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.