Japan Securities Clearing Corp. said Monday it will force Mizuho Securities Co. to settle its erroneous sell order involving J-Com Co. stock by paying 912,000 yen in cash apiece instead of delivering actual shares.
The settlement, which will take place Tuesday, will put the total loss stemming from the fiasco at around 40 billion yen.
The securities clearing unit of the Tokyo Stock Exchange said it took the extraordinary measure to maintain proper operation of and public trust in the securities market.