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UBS Japan mistakenly places $31 bln bond trade for Capcom

by rawmeatcowboy
26 February 2009
GN 1.0 / 2.0

TOKYO, Feb 25 (Reuters) - A Japanese unit of Switzerland’s UBS (nyse: UBS - news - people ) AG said its computer systems mistakenly placed a $31 billion order for convertible bonds (CB) of videogame maker Capcom Co on Wednesday, but it was able to cancel the trade at no cost.

UBS Securities Japan said that it had intended to place a 30 million yen order to simultaneously buy and sell the bonds in a so-called cross-trade but that its computer system placed a 3 trillion yen ($31 billion) order instead.

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