The Overly Competent Junior Employee

“Yes, I’ll look into that for you.”

Meanwhile, Choi Woojin, a PB at Yuseong Investment Securities’ Seongnam branch, had been struggling with customer calls since early morning.

“No, no. Since it’s already fallen over 15%, I think it’s better to just hold onto it for now.”

“But Assistant Manager Choi, I bought it on your recommendation…”

The customer’s complaint pierced his heart like a dagger.

It was something PBs heard all the time, but he never got used to it no matter how often he heard it.

From the customer’s perspective, while they made the choice themselves, when they lost money, they needed someone to blame.

“I’m sorry. But it’s really a good stock.”

“So you’re saying I should keep holding onto it, right?”

“Yes, that’s right. There’s no bad news to explain today’s drop, so I’ll look into it and contact you again this afternoon.”

“Please contact me before noon. I can’t just keep watching this.”

“Yes, I understand. Take care, sir.”

Click-

Even a customer who usually treated him warmly hung up the phone abruptly with an irritated voice when the recommended stock plummeted.

“Why on earth is this crashing?”

As if he had no time to feel heartbroken, Choi Woojin immediately began searching for reasons through the trading system and news.

[Why is Misung Technology falling?]

[Must read for those wondering why Misung Technology is falling]

└ I’ll give you good information. Ka.talk 39@@3

[Picking it up at 20,000 won, agyeori zheeeeeok-]

└ If it comes down to 20,000 won, I’ll pick it up, agyeori jjwoeeeekeeeek~

Not only in the stock chat rooms but also in major stock communities, there were many attention-seeking posts saying they hadn’t expected the fall of Misung Technology, a safe dividend stock.

He also checked the group chat room operated by Yuseong Investment Securities’ research center, but they were equally clueless about the reason for the fall.

“It’s all flowing out from MG’s counter.”

MG was a world-renowned investment bank and a foreign institution that had a massive influence on the domestic stock market.

Large amounts of Misung Technology stock were being sold through MG’s counter.

As the stock price fell to -15% due to the outflowing volume, individual investors and domestic institutions were also dumping their holdings, and the trend showed no signs of calming down.

Choi Woojin took out his mobile phone and dialed a familiar number.

“Hey, it’s me. I just want to ask one thing.”

“Misung?”

Even before he could get to the point, a response came from the other end of the line as if they had already anticipated it.

The person on the other end was a university classmate working at Yuseong Investment Securities’ headquarters research center, an analyst covering Misung Technology.

“Yeah, you must be in trouble too.”

“I’m going crazy with calls from everywhere. Nothing’s showing up on the Bloomberg terminal. Same with Yonhap.”

The Bloomberg terminal and Yonhap terminal were terminals used by domestic securities firms.

Both terminals provided real-time global stock market data, breaking news, and in-depth research and analysis that only users could see.

In the case of the Bloomberg terminal, the annual terminal usage fee was equivalent to the annual salary of an assistant manager or manager level employee, so it was also called “Bloomberg assistant manager” or “Bloomberg manager.”

“The volume is pouring out from MG’s counter, where is it?”

“Seems to be Hong Kong.”

“Hong Kong? Isn’t that where the Asia-Pacific branch is?”

World-class securities firms and asset management companies usually had their Asia-Pacific branches in Hong Kong or Singapore.

It was practically the control tower moving capital invested in the Asian region.

“That’s right. Their branch is there.”

“Okay, got it. Thanks.”

Choi Woojin quickly hung up and looked back at the monitor screen.

There was some buying volume coming in at the -15% level, providing some support, but individuals were still dumping their holdings.

“Why are they dumping this when it’s not even the rebalancing period?”

If MG was dumping Misung Technology stock, it was likely to be volume held in their funds.

However, fund rebalancing, which adjusts the composition of stocks, usually had a set period.

The volume flowing out now didn’t seem to be rebalancing volume.

They were selling almost their entire stake.

“I think I need to ask Dokyung-ssi about this.”

Choi Woojin needed Dokyung, who had the broadest perspective right now, more than anyone else.

“Ah, but the branch manager…”

However, the new branch manager seemed to dislike Dokyung exercising his abilities.

“Damn it, I don’t care. This is just me personally asking Yoon Dokyung.”

Knock knock knock-

Just as Choi Woojin was about to get up from his seat, the door opened with a knock, and Dokyung entered the room.

“Oh, Dokyung-ssi. I was just about to go see you.”

“Assistant Manager, I have a question.”

“Is it urgent? If it’s not urgent…”

“Weren’t you going to ask me about Misung Technology too, Assistant Manager?”

When Dokyung asked this, Choi Woojin’s eyes widened in surprise.

Choi Woojin wondered if a stock like Misung Technology falling 15% was of such interest to everyone.

“Wait, were you interested in Misung Technology too, Dokyung-ssi?”

“Yes, I’ll explain the details later. I’m in a hurry now. Where is this volume being dumped from?”

“MG, they’re dumping volume from their Hong Kong counter.”

As Dokyung asked urgently, Choi Woojin responded equally urgently.

“It’s not rebalancing either. I checked, and their rebalancing is scheduled for the end of May.”

“If it’s the Hong Kong counter, does that mean it’s volume held by MG?”

“That’s right.”

“Sunbae, this is strange. There’s no bad news at all.”

Dokyung began telling Choi Woojin what he had been thinking on his way here, and as Dokyung started speaking, Choi Woojin’s eyes grew wider.

⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱

“So you’re saying I should buy, is that right?”

Meanwhile, after finishing his conversation with Choi Woojin, Dokyung had returned to the counter and was now talking with the old man who had been waiting for him.

He had spent a long time explaining to the old man that now was the time to buy Misung Technology stock.

“That’s right. It’s probably come down to an attractive price even for those who have been watching helplessly as it kept rising until now.”

Thirty minutes had passed since Misung Technology’s stock started plummeting, but everyone was still clueless about why it was falling.

In the meantime, Dokyung had formed one hypothesis.

Usually, when a stock falls normally, there needs to be surrounding circumstances or direct material.

Like a rumor that this company had its contract terminated, or an actual disclosure of contract termination.

But this fall had no material at all.

“How much is it now?”

“23,350 won per share. If you buy this stock, I believe it can recover at least today’s fall within next week.”

“You speak as if you’re certain.”

At the end of Dokyung’s hypothesis was the conclusion that the global investment bank MG’s Hong Kong counter had made some kind of order mistake.

Volume was pouring out from that one counter alone, leading to the current decline.

Once everyone finished assessing the situation, they would realize it was a mistake like Dokyung had and start picking up the dumped sell orders.

“Yes. Because there’s no reason for it to fall if it’s not a mistake.”

And most importantly, the message that had been showing him answers was instilling confidence in his inference.

“Alright. I’ve been watching you for two years. You would never recommend a decision that would cause me a loss.”

Saying this, the old man placed his ID and account on the counter.

“Execute the order matching the deposited amount there.”

“My judgment could be wrong.”

“You get this old man’s heart racing and now you say this?”

The old man looked at Dokyung with a wry smile.

“Even if your judgment is wrong and it falls further, it’s okay. I’ll consider it payment for you putting up with this cranky old man’s whims for two years.”

The old man trusted Dokyung.

The employee sitting in front of him had seemed naive at first, but he always welcomed him whenever he came, and even remembered his investment style.

Whenever his expression wasn’t good, he would start recommending some product, then shake his head twice and cater to him as if nothing had happened.

“And, it’s a good company, isn’t it?”

“Yes, it’s a company that will rise even without this incident.”

“Good. Then execute the order.”

Surprised by the old man’s unexpectedly bold decision, Dokyung smiled and nodded, taking the account.

Then he began typing on the computer keyboard in front of him to execute the contract the old man wanted.

“I’ve executed an order for 5,500 shares at 23,300 won per share.”

As Dokyung said this and handed over the account and ID, the old man nodded with a satisfied expression.

⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱

“It was running fairly well.”

Five days later, Ryu Tae-hwa, the branch manager of Yuseong Investment Securities’ Seongnam branch, had been assessing the transactions the branch had been conducting before his appointment, and today he had finished reviewing all the materials.

As expected of a branch ranking among the top performers out of 49 branches nationwide, there were no strange transactions.

“If only they hadn’t done anything foolish…”

While he didn’t know why the previous branch manager had made such a choice, if things had just flowed as they were, he would have been a candidate for a headquarters appointment.

“But there are a few areas that should be adjusted.”

Knock knock-

As Ryu Tae-hwa was organizing the situations he needed to emphasize to the employees, the door opened with a knock, and the deputy branch manager entered the room with a flustered expression.

“B-Branch Manager.”

“What’s the matter?”

“I think you need to come out to the counter right now.”

“The counter?”

“Yes, operations have been paralyzed.”

At the deputy branch manager’s words, Ryu Tae-hwa stood up and walked towards the counter.

“What… is this.”

Ryu Tae-hwa, who had come out to the counter, pressed his lips together as if at a loss for words, watching the scene unfolding at the counter.

Dozens of customers were standing in line in front of a specific counter.

“It doesn’t seem like operations are paralyzed.”

“They were uncontrollable just a moment ago, but it seems they’ve formed a line in the meantime.”

“It would be better to give them number tickets and have them sit down instead of making them stand in line. Other visitors might be alarmed.”

At Ryu Tae-hwa’s words, the deputy branch manager called over an employee controlling the customer area and relayed the instructions.

“May I hear what’s going on?”

Ryu Tae-hwa asked the deputy branch manager while watching the customer area being organized.

“Do you remember the fat finger incident that happened three business days ago?”

Fat finger was an English term referring to thick fingers, but in the securities industry, it meant making a mistake when entering orders due to thick fingers.

In other words, it was a general term for incorrect transactions occurring due to order entry errors.

“Yes, was it Misung Technology?”

Ryu Tae-hwa spoke as if he couldn’t possibly not know.

It had been a hot issue in the securities industry for the past few days.

The Asia-Pacific branch of a world-renowned investment bank had made an order mistake, selling the Misung Technology stock they were holding, and as the plummeting stock price caused panic among institutions and individual investors, their volume poured out, causing the stock price to fall as much as -17% at one point during trading hours.

However, an hour later, rumors spread that it might have been an order mistake, and the stock price recovered a significant portion of its loss that day.

“Yes. That’s right.”

The investment bank that had made the order mistake and sold all their volume had to grudgingly buy back the volume at higher prices, and the next business day, the stock price rose over 10%, making up for the previous day’s losses.

And after recovering all their volume, the investment bank announced that there had been an order mistake.

“At that time, someone quickly realized it was a fat finger error and recommended this stock to a customer.”

“Is that so? Which PB was it?”

“It wasn’t a PB.”

“Not a PB?”

“That’s right.”

The deputy branch manager’s gaze turned towards Dokyung.

“You mean Yoon Dokyung-ssi?”

“That’s correct.”

“Then this scene at the counter is…”

“The person who received the stock recommendation at that time and bought Misung Technology was the chairman of a local small and medium-sized enterprise factory.”

Ryu Tae-hwa listened quietly to the deputy branch manager’s words.

“The stock he bought then has seen a 37% return.”

“In just three business days?”

“That’s right.”

Such things weren’t unheard of. Every time a fat finger incident occurred, the most important thing was for someone to quickly notice the order mistake and buy the stock, which could lead to high returns in a short period.

The volume mistakenly sold by the financial company was mostly volume they were managing on behalf of clients or volume that needed to go into funds, so they had to quickly recover the volume released into the market.

Even if the price rose higher than before, the financial company had to match the originally held quantity, taking the loss.

“And then?”

“When that person made a big profit, he gratefully instructed his company employees to move their severance pay IRP accounts to our securities firm.”

Under current law, when workers retire before the age of 55, they must mandatorily receive their severance pay transferred to an IRP (Individual Retirement Pension).

“Then even though there are other counters…”

“He instructed them to open the accounts with Yoon Dokyung-ssi.”

Counter staff could receive performance bonuses based on their performance when attracting specific accounts.

Individual retirement pension accounts were also subject to this.

In other words, the dozens of accounts being opened today would be recognized as Dokyung’s performance.

“That’s not all.”

“What do you mean, that’s not all?”

“Thanks to Yoon Dokyung-ssi quickly informing Assistant Manager Choi Woojin about this incident, Assistant Manager Choi also quickly recommended his managed clients to buy the stock, and quite a few clients made profits.”

“Is that so?”

“Yes, and there are newly attracted funds as well.”

“How did Yoon Dokyung-ssi say he was so certain?”

At Ryu Tae-hwa’s question, the deputy branch manager shook his head and opened his mouth.

“I just heard about the situation as it unfolded. I don’t know the details.”

At those words, Ryu Tae-hwa looked at Dokyung with a stern expression for a moment, then turned to the deputy branch manager.

“After handling the backlogged work, please send Yoon Dokyung-ssi to my office.”

“Pardon?”

“I need to hear why he was so certain, because if that certainty wasn’t justified, he was gambling with customers. I need to hear the reason.”

Having finished speaking, Ryu Tae-hwa headed towards his office with a stern expression.