Typo briefly decimates 99.9% of Israel Corp stock value, halts Tel Aviv Stock Exchange trading

A TASE spokeswoman says the error occurred during a major transaction involving the exchange company, Israel Corporation.

By
August 25, 2013 17:06
TASE drop on August 25, 2013

TASE drop on August 25, 2013 370. (photo credit: Screen shot of TASE website)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

The Tel Aviv Stock Exchange (TASE) briefly halted trading on Sunday when a typo sent Israel Corporation stock plummeting 99.9%.

According to a TASE spokeswoman, a trader from a TASE member intending to carry out a major transaction for a different company's stock accidentally typed in Israel Corporation, the third-largest company traded on the exchange. The disparity in prices cause the company's stock value did a nose-dive, from an opening value of NIS 1690 down to NIS 2.10.

Be the first to know - Join our Facebook page.


Realizing the error, the trader quickly requested that the exchange cancel the transaction, incurring a NIS 10,000 fee for the trader.

The dramatic plunge in the Israel Corporation stock pulled down the TA-25, an index of the top 25 traded companies, down far enough to trigger automatic rules that halted trading. Once the transaction was cancelled, however, the prices returned to similar levels and trading continued regularly.

Israel Corp stock returned to normal trading levels, ending the trading day about 1% below its opening value, while the TA-25 ended less than a quarter of a percentage point down.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS