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Software Glitch Causes Over $400 Million in Losses for Knight
A software error and a half hour of erroneous trading will cost one of the largest trading firms in America more than $400 million dollars, and may even be a death blow to a 20-year-old firm. The computing error led to mistaken trades and price fluctuations on the New York Stock Exchange (NYSE).
Securities and Exchange Commission Chairman Mary Schapiro called the technical difficulties “unacceptable”.
“In...