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The Guardian - UK
The Guardian - UK
Business
Jill Treanor

Market mayhem: six crashes in 16 years

Traders from BGC, a global brokerage company in London’s Canary Wharf react as European stock markets open on 24 June after Britain voted to leave the European Union.
Traders from BGC, a global brokerage company in London’s Canary Wharf react as European stock markets open on 24 June after Britain voted to leave the European Union. Photograph: Russell Boyce/Reuters

The overnight plunge in sterling to fresh 31-year lows has sparked memories of other incidents where markets have moved dramatically.

May 2001

A Lehman Brothers trader accidentally added two zeros to a deal on the London Stock Exchange, selling £300m instead of £3m of shares. The FTSE 100 fell more than 2%.

December 2005

A trader accidentally sold £1.6bn of shares in a Japanese company worth only£50m in what was known as a “fat finger” error. Mizuho Securities, the broking arm of the Mizuho Financial Group, owned up to the error.

May 2010

The Dow Jones dropped 998.5 points in 19 minutes before recovering. Navinder Singh Sarao, 36, from Hounslow, west London, has been accused of helping to trigger the events and is awaiting trial, but he says he is not to blame.

April 2013

An erroneous tweet that Barack Obama was injured briefly knocked 143 points off the Dow Jones.

October 2014

Rogue trades for shares in 42 companies worth 67.78tn yen (£380bn) – more than the size of Sweden’s economy – were cancelled in Tokyo, avoiding a meltdown on the stock market.

September 2015

Trading in nine companies, including HSBC and BP , was suspended on the London Stock Exchange following speculation that a fat-fingered trader executed a trade by mistake.

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