Bob111
Registered: May 2002
Posts: 6475 |
10-19-12 04:45 AM
Quote from DeeDeeTwo:
As an engineer that runs Automated Systems...
It completely blows my mind that limits were not set...
That would have aborted Algos X% away from the market...
Nor was there a KILL switch to just cancel ALL activity.
Wait, there's more...
This went on for 30-40 minutes before someone shut it down...
When it was apparent within 30 seconds something was VERY wrong.
Even a basic retail platform like TWS...
Is set to require manual overrides for potentially erroneous orders.
Knight is effectively bankrupt...
Whoever ran the Systems department...
Was probably frog-marched out the door.
+1. i'm little single retail guy,but even on my level i run cross reference from at least 3 different data sources and complete numerous price checks before i send my order to any exchange..i guess i do that because i've seen this in the past(Knight included) and i trade my OWN money. when money is not yours and you just doing your little part of the job-you get what most of the "customers" in this (and any other field) get-FU in the face...they just don't give a f**ck..simply cause it's not their money on the line
there is gotta be AT LEAST some very simple\basic check levels in place such as -how far away stock was trading,how fast it's moving,how much you are holding etc..it's kind of common sense..from any perspective-either risk management,programming or even like i said-common sense..
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