The Greedsters Sequels: KNIGHT IN THE DARK FOR 30 MINUTES

Wednesday, August 22, 2012

KNIGHT IN THE DARK FOR 30 MINUTES

NYT - Wednesday, August 4, 2012 should have been an average day for the electronic stock trading Knight Capital Group on Wall Street, but it became a nightmare. After the opening bell, a computer trading program at Knight suddenly burst forth with a huge volume of "erratic trades", and for 30 minutes no one knew how to shut the trading down. A former high-speed trader was quoted as saying "Trading being erratic even for just a minute or two would have been surprising to me, but to have something going on for 30 minutes is a shocking eternity". Knight barely survived the crisis after scrambling for 48 hours to secure temporary financing to save the ship. Regulators are investigating the possible cause of the malfunction.

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