http://news.yahoo.com/knight-seeks-financing-440-million-trading-loss-124602408--finance.html
Knight Capital Group Inc. lost $440 million in seconds yesterday after installing a new trading software.
("This issue was related to Knight's installation of trading software and resulted in Knight sending numerous erroneous orders in NYSE-listed securities into the market," Knight said. "This software has been removed from the company's systems.")
It is hard to imagine something like this not being tested and implemented on a test systems before it is rolled out.
(On July 18, Knight reported second-quarter earnings of $3.3 million, down 81 percent from a year earlier after recording a $35.4 million pretax trading loss from the Facebook initial public offering. The company has not yet filed its second-quarter report with regulators.)
I am certain someone somewhere is trying to blame Facebook on bugs too.
The thing that also blew me away with this is that the NASDAQ also stated that they would refund anyone who stock purchase or sale was executed because of this and return their account to its right balance before the "hiccup". WOW!!!!
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