Wednesday, 23. October 2013
Topic: NEWS english - on October 23, 2013 at 1:48:00 PM CEST
How To Lose $172,222 a Second For 45 Minutes
Investment firm Knight Capital made headlines in 2012 for losing over $400 million on the New York Stock Exchange because of problems with their algorithmic trading software. Now, the owner of a Python programming blog noticed the release of a detailed SEC report into exactly what went wrong (PDF). It shows how a botched update rollout combined with useless or nonexistent process guidelines cost the company over $172,000 a second for over 45 minutes.
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