Chapter 315
Chapter 315
An emergency ministerial meeting was convened.
The heads of departments rushed to the prime minister’s residence. Among them was Koji Namiki, chief investment officer of the public pension fund.
Prime Minister Okazaki exclaimed.
“What the hell happened? How much was the damage?”
“Based on the current closing price, it is 2.1 trillion yen.”
In an instant, everyone was at a loss for words.
The prime minister and his ministers control Japan’s astronomical budget. Even for them, 2 trillion yen was an astonishing amount.
This isn’t hacking or terrorism, but an accident caused by a mistake?
Minister of Finance Ryutaro Matsukata asked.
“Isn’t there supposed to be an abnormal spell detection system?”
“Hey, I said it was stopped the other day for fear of an error due to server maintenance… … .”
“The server maintenance was last month!”
“He said he forgot to turn it back on.”
“Well, what about the approval process? Even if the staff made a mistake, they would have checked and filtered it out from above.”
“That, that… … .”
When you register a trade, the system is in place so that the trade can only take place after a few steps of approval.
Originally, there were five stages, but it was reduced to three stages to respond quickly to market changes. But even that didn’t work.
It was an accident that would never have happened if anyone had properly checked it.
“Where did you buy your stock?”
“Once confirmed that it was purchased from Golden Gate, we are checking it now.”
For a moment, everyone thought the same thing.
If the transaction was made in Japan, there may be a way to cancel or recover the transaction. But what if foreign speculative capital bought it? Then things get out of hand.
Tirling!
Namiki’s cell phone rang. Foreign Minister Okamoto shouted.
“What are you doing during the meeting now!?”
“Ah! This is a call from Nishida Securities.”
Finance Minister Matsukata said.
“Come on and take it.”
“Oh, I see.”
Na Mickey pulled out his cell phone and pressed the call button.
“What? He, is that really true?”
His face turned dark in an instant.
Chief Cabinet Secretary Hayashi asked urgently.
“What do you say?”
“The order came from the Korean branch of Golden Gate, and it seems that OTK Company bought it.”
“What? OTK Company took 14.97 million shares?”
“Yeah, yes.”
Everyone’s faces turned dark.
Prime Minister Okazaka felt a shock as if he had been hit hard in the head.
‘OTK Company? After that earthquake?’
Prime Minister Okazaki recalled a conversation he had just had with Li Suwei, the former Commerce Director. Did he say that if you get entangled with after the earthquake, you won’t see a good thing?
Recently, Japan has made the death of Yoshizawa Masaru an issue, and even politicians have been criticizing Karos and Kang Jin-hoo.
But suddenly this happened.
‘It’s definitely an OTK company!’
If you have a business place in Japan or have a lot of business with Japanese companies, you have no choice but to follow the will of the Japanese government.
However, OTK Company has little to do with Japan. By the way, what about the fact that Faceit is officially servicing it?
Moreover, considering Jin-hoo Kang’s assets and influence on the political price of Washington, the Japanese government was a difficult opponent to control.
It’s really the worst.
“Have you contacted the Korean branch of Golden Gate?”
“They cannot disclose customer information, and they say they have no authority over transactions that are normally made.”
“What about OTK Company?”
“No contact.”
Are you deliberately avoiding contact? What will Jinhoo Kang do with those stocks?
Somehow, it should be prevented as long as the stock is diverted elsewhere.
Minister Matsukata asked.
“Is there a way to temporarily stop stock trading?”
“There is no legal basis.”
The growth potential of emerging countries is higher than that of developed countries, and the same is true for stock returns.
Looking at it this way, it seems that all capital should flow to emerging countries, but more than 80% of the world’s investment is in the developed markets.
The reason is that capital places more importance on stability than profitability. If temporary measures are taken without any basis, it will lead to a decline in the credibility of the entire Japanese financial sector.
“I don’t know if Golden Gate is a Korean securities company, because it is an American securities company, so there may be protests from the US side.”
Golden Gate is the world’s largest IB and an American securities company. He exerts enormous influence on the international financial world and US politics.
In addition, even if the transaction is suspended, there is no way to respond if the ownership of the account itself is diverted across multiple corporations in a manner similar to that of bicycling.
Namiki said cautiously.
“It is not a volume that the market can digest anyway. If you have thoughts after Kang Jin-hoo, you won’t be able to dispose of it.”
Sim Awakened of the situation, everyone was feeling. If you do it wrong, your throat will fly off.
You must get your stock back at any cost!
Prime Minister Okazaki said mumbled.
“Even if an order mistake occurred, how did you buy it in such a timely manner?”
‘Isn’t it as if we knew this was going to happen?’
Finance Minister Matsukata said
“First, let’s examine the transaction history. The Korean government should also ask for cooperation.
Prime Minister Oka nodded his head and gave the order.
“Send the ambassador to Korea to the Blue House immediately.”
“The ambassador is not in Korea right now.”
Prime Minister Okazaki shouted at Foreign Minister Okamoto’s reply.
“If the ambassador to Korea is not in Korea, where is he?”
Then he panicked and said.
“I am in Tokyo. Didn’t the Prime Minister return you to Korea as a protest?”
“… … .”
* * *
When all the orders that went out by mistake were executed, Toyota stock traded again at 145,000 yen, and the closing price was 141,000 yen.
The Nikkei closed at -1.24 percent. The chapter is over, but the confusion has just begun. European stock markets are tumbling right now.
Emergency breaking news appeared on the Internet and TV.
[The Nikkei index plummeted! What is the cause?][Nishida Securities Order Mistake Accident Occurred!][(Breaking News) About 150,000 Toyota shares, traded at 1 yen.][Toyota stocks held by public pension funds, sold all by mistake!][Estimated loss of 2.3 trillion yen][Worst financial accident caused by Fat Finger!][Neither the public pension fund nor Nishida Securities have announced their positions yet.][Who is responsible?]The Japanese archipelago was engulfed in shock.
Where is the public pension fund? It is a public institution that manages money paid by workers across Japan over decades. But it was there that the accident occurred.
The amount is a whopping 2.3 trillion yen!
It’s not even a tax, it’s the people’s retirement fund! That astronomical amount of money evaporated in an instant!
Korea is equally astonished.
– Wow! crazy
-Does the 2.3 trillion yen order mistake make sense?
– What’s wrong? Seosung Securities issued 110 trillion won worth of stocks.
– It’s ghost stock. This is real stock trading.
– First, the Japanese Public Pension Fund will file a claim for indemnity. Ask me for 2.3 trillion yen.
– Where is the money in Nishida Securities?
– If you can’t ask, it’s bankruptcy.
– Haha, what are they really doing?
– So where the hell did you buy it?
-Can I get that back?
– Legally, it is not easy. Usually, in this case, negotiate with the place where you bought it and get it back.
-If you bought it from a vulture fund such as Albert Management or a hedge fund, there is no answer.
– This is absolutely hilarious.
* * *
A few hours after the Japanese rainy season.
We were called to the office of the branch manager of Golden Gate Korea.
The employees moved frantically without even thinking of leaving work. Hyun-joo’s older sister was making a lot of impressions with her lack of jeans.
She had a cigarette in her mouth and a lighter in her hand. Fortunately, she has yet to light the fire.
In the midst of a sense of tension, Taek-gyu said softly.
“Secondhand smoke is not good for our Gunyi, sister.”
“shut up.”
“Yep.”
Ellie, who was next to him, carefully held out his smoking gum.
Hyun-joo’s older sister spit out her cigarette and put the gum in her mouth. I am glad that my decision to quit smoking has not been broken since the new year.
“Explain it so I can understand.”
“So, what happened… … .”
Taek-gyu explained the situation as if he were making an excuse.
After she finished talking, Hyun-joo sister pressed her finger to her forehead as if in pain.
“So, while Jinhoo was going to the bathroom, you looked into to buy Toyota stock and clicked right away when it popped up, did that happen?”
“Huh. That’s right. After all, my sister understands very quickly.”
Hyunjoo’s older sister shouted.
“Does that make sense!?”
Taek-gyu muttered with his characteristic unjust expression on his face.
“No, whether it makes sense or not, what do you do when you see me making a deal? You made a mistake in ordering, so why are you telling me?”
Ellie said she didn’t understand.
“It’s strange. There must have been a number of safeguards to prevent ordering mistakes.”
“It wasn’t working properly. If the rules and principles were followed, why would accidents happen?”
That’s right.
Suddenly, I remembered a passage I had read in a book before.
“It’s not because you don’t know that you get into trouble, it’s because you think you know for sure.”
Who said this?
Ellie frowned.
“Ah! Mark Twain? I like that writer.”
I remember reading “The Adventures of Tom Sawyer” and “The Adventures of Huckleberry Finn” when I was a kid. For reference, he invested in gold mines and ate up all of his fortune and owed a lot of debt. He started writing to pay off the debt.
Money is an important driving force for creativity.
Hyunjoo’s older sister shook her head.
“How could such a coincidence happen?”
I tapped Taekyu on the shoulder and said.
“He’s strangely lucky.”
It was because he saw foreknowledge, but it is also true that he was lucky.
It’s cheap, but nobody buys it. When Toyota stock came in at 1 yen, institutions were quick to place orders.(Read more @ wuxiax.com)
In some places, it was too late to press 0, and in others it took 100 or 200 weeks.
Orders are processed in the order they came in first, even if there is a difference of 0.0001 seconds. If orders are received at the same time, the one with the most orders has priority.
There may not be one or two places that ordered at the same time as us, but we had the largest amount, and luckily we were able to sweep it away.
“Anyway, it’s good to have money, isn’t it? lets think. The value of my sister’s stake has increased that much.”
Hyun-joo’s older sister muttered as if it was absurd.
“It’s 2.3 trillion yen.”
To make this kind of money as an industry, you have to develop technology, get investments, build factories, hire people, build things, and sell products.
You have to invest over 100 trillion won over at least several years to get such a profit.
However, we made in less than a second with a capital of only 14.97 million yen. This must be the fear of finance.
“What are you going to do with this stock?”
“I’m thinking.”
Hyunjoo noona said while putting on her glasses.
“Of course, the Japanese side will never stand still. Right now, there is pressure on us to cancel orders and return the stock.”
A brokerage firm cannot dispose of its clients’ assets at will. Lawsuits, of course, who would do business with Golden Gate when that happens?
“I know.”
It is not a single company, but stocks owned by the Japan Public Pension Fund. The Japanese politicians will do everything they can to get this stock back.
“If we don’t give it back, we’ll lose sight of Japan, right?”
Taegyu said.
“You have already lost.”
“… … So.”
Whether this happened or not, it was difficult to get along with Japan.
What matters now is that I have 10% of Toyota stock in my hands. How I do this is entirely up to me.
I asked Hyunjoo noona.
“What if Japan doesn’t get these shares back?”
The older sister tried to reach for the cigarette again, but then stopped.
“What are you thinking?”
I smiled.
“There is a proverb like this in Japan. Even the plate to drink poison. If you’re going to be an enemy anyway, wouldn’t it be better to do it right?”
* * *
Japanese Ambassador to Korea Matsuhiro Tanokura entered Korea immediately. When he left, he expressed protest and regret, and spread rumors around the neighborhood, but when he returned, he was quiet.
He immediately met with Prime Minister Ryu Jeong-hoon and protested strongly.
“The stock acquired by OTK Company is an accident that occurred due to an order mistake. And those stocks are the assets of the Japanese people. As this was an obvious error, you must immediately cancel the order and return the Toyota stock. I ask the Korean government to take appropriate measures for the prompt normalization of Korea-Japan relations.”
If you don’t, you threaten to never stand still.
Prime Minister Ryu Jeong-hoon, who was quietly listening to the conversation, opened his mouth after a while.
“I understand what you mean, and I can understand Japan’s position.”
Ambassador Tanokura looked relieved.
“Fortunately, the. Then the Korean government… … .”
Prime Minister Ryu Jeong-hoon interrupted him and said:
“By the way, OTK Company is an American company whose corporate headquarters is located in the United States. You have to go to the US government and ask, why are you here?”
“… … .”
