Saw this piece of news in my morning stack of stuff and thought my friends in the commentariat might enjoy...
HONG KONG (MarketWatch) — Most Asian markets fell Friday after another selloff on Wall Street amid worries the Federal Reserve would cut its stimulus, with mainland Chinese stocks finishing lower after witnessing a dramatic surge earlier in the day.
The Shanghai Composite Index CN:SHCOMP -0.64% ended the day 0.6% lower at 2,068.45 after an extremely volatile session, during which it swung to a 5.6% jump from a 1% loss earlier in the day, before sliding back into losses.
Multiple traders and media accounts cited an unintended “fat finger” execution of a 7 billion yuan ($1.13 billion) order at a local brokerage as the cause for the sudden spike in Shanghai stocks. The Shanghai Stock Exchange Friday afternoon confirmed that the investment strategy department at Everbright Securities Co. had encountered a problem in its arbitrage system, according to a Xinhua news report.
So the moral of the story is, be careful when trading billion-dollar investments on your iPhone.