Regions

Mexico exchange cancels Frisco's trades due to computer error

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August 31
4:51 AM 2013

An official of the Mexican bourse told Bloomberg that they have canceled Minera Frisco SAB's erroneous trades. The stocks of the Carlos Slim-owned mining company experienced a sharp increase, doubling the share price. Bloomberg declined to name the source as the official, who has direct knowledge of the bourse's decision, was not authorized to talk about the matter.

The official also told that a computer glitch had caused the price jump. The stocks experienced as much as a 104% increase in intraday trading. The bourse canceled Frisco's trades accounting to a volume of 250,000 in stock around the last 10 minutes before end of trading.

Bloomberg tried to contact stock exchange spokesman Roberto Gavaldon via a phone call and email to get a comment about the trading decision. Gavaldon has yet to respond. National Banking and Securities Commission press official Aurelio Bueno had said that the state's regulator would review Frisco's erroneous trades. Minera Frisco responded in an email that the mining company has "no knowledge" of the cause behind the price increase of its stocks today. 

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