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Well….That'll Learn Ya…

I came across this headline –

Knight Capital Says Trading Glitch Cost It $440 Million

$10 million a minute.

That’s about how much the trading problem that set off turmoil on the stock market on Wednesday morning is already costing the trading firm.

The Knight Capital Group announced on Thursday that it lost $440 million when it sold all the stocks it accidentally bought Wednesday morning because a computer glitch.

………The losses are greater than the company’s revenue in the second quarter of this year, when it brought in $289 million.

“With the events of yesterday, you have to question if this is the beginning of the end for Knight,” said Christopher Nagy, founder of the consulting firm KOR Trading.

Note to self – debug any new software that does anything….

 

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