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Swedish stock exchange bugs out over big billions booboo

Trade sends system into a tizzy
Thu Nov 29 2012, 14:58
sweden-banknotes-small

A SYSTEM BUG caused problems at the Swedish Stock Exchange this week by creating an order worth £43 trillion.

The miscalulated order for 460 trillion kronor was a figure 131 times that of Sweden's GDP, according to Swedish business paper SvD Näringsliv.

A spokesman for the stock exchange confirmed the report to The INQUIRER today in a statement, explaining that an error had forced the system to go, as one person put it in the SvD Näringsliv report, "bananas".

"[A] bug caused the system to react in an unexpected way for one specific index futures order category that resulted in the system treating this order as a negative quantity (i.e. with a minus sign in front of it)," he said, explaining that the correct order was a much lower figure.

"The system is not used to handle negative quantities and reacted by misinterpreting the data and calculating a large and erroneous value for the order. The affected instrument (OMXS30 index future) is one of the most traded index derivatives [which was] why we decided to close the whole index derivatives market to prevent uncertainties."

The market was closed for four hours between 10am to 2pm , and the bug has been identified and removed. µ

 

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