Stock shock

Errant trades reveal a risk few expected

Published Aug 3, 2012 at 9:15 am (Updated Aug 3, 2012)

(From The New York Times) The trading firm Knight Capital recently rushed to develop a computer program so it could take advantage of a new Wall Street venue for trading stocks.

But the firm ran up against its deadline and failed to fully work out the kinks in its system, according to people briefed on the matter. In its debut Wednesday, the software went awry, swamping the stock market with errant trades and putting Knight's future in jeopardy.

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