5 stars based on
The broad outline of the story is trader software test and more colourful, bloody details are here. It went out and did what it was designed to do: Unfortunately, the trading algorithm the program was using was a bit eccentric as well.
On every stock exchange, there is a "bid" and an "ask" price. Over and over and over again. Knight Capital was trading blocks of Exelon common stock at a rate as high as 40 trades per second — and taking a 15 cent per share loss on each round-trip transaction. As one observer put it: They may get at least a partial reprieve. The NYSE will reverse trades in six stocks during the time period when the prices were at least 30 per cent outside the normal trading range for the stocks.
I find it hard to believe that the software trader software test so faulty that it could trader software test go into berserker mode and start wildly trading. In short, plenty of blame to go around. But apportioning blame will have to wait until the forensics are complete. Then will come trader software test lawsuits, settlements, high-level blue-ribbon commission hearings, and, finally, the insider tell-all books. Put me down for a Kindle version of the books, please. Minds Mastering Machines - Call for papers now open.
Half-baked security at Panera Bread spills customer data. Now they can slurp info to their hearts' content What a Docker shocker: We put Huawei's P20 triple-lens snapper through its paces Planning on forking out for the new iPad? Better take darn good care of it For some reason, you lot love 'em. So here are the many ThinkPads of Grindr: Yeah, we shared your HIV status info with other companies — but we didn't charge them!
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