Trader’s error wipes QBE from market
Stockbrokers’ hearts missed a beat last week when QBE Insurance suddenly fell off the ASX 200 index.
A keyboarding error by a stockbroker wiped $20.2 billion from the exchange, with the market then tracking sharply downward.
The broker mistakenly placed an order to sell 500,000 QBE shares at 2c instead of $22.85, temporarily removing the insurer from the index.
The Australian Securities Exchange restored order by cancelling all QBE trades priced below $22.20.
A keyboarding error by a stockbroker wiped $20.2 billion from the exchange, with the market then tracking sharply downward.
The broker mistakenly placed an order to sell 500,000 QBE shares at 2c instead of $22.85, temporarily removing the insurer from the index.
The Australian Securities Exchange restored order by cancelling all QBE trades priced below $22.20.