Swiss banking giant UBS made a historic error in February when its Japanese office mistakenly placed a 3 trillion yen order for convertible bonds on video game maker Capcom. The order was meant to be for only 30 million yen but was actually much higher thanks to a computer glitch. The bad order would have been the largest in the history of the Tokyo Stock Exchange by a large multiple, but since it occurred off normal trading hours, it was easily cancelled at no cost to UBS. The Swiss banking community saw the move as an unprecedented breach of the historic client confidentiality that has been that industry's chief selling point for centuries.
The Sunset of Swiss Secrecy? Bill Coffin Risk Management; Apr 2009; 56, 3; Docstoc pg. 19 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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