newwurldmn
Registered: Apr 2011
Posts: 2606 |
10-18-12 12:49 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.
They aren't bankrupt. They lost 400MM and got someone to give them 400MM in exchange for most of the equity. It's BUA now except some loss of credibility and the old shareholders now get 30 cents on every dollar of earnings vs the full dollar before.
They could have been bankrupt if no one stepped up to buy a stake.
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