New York Times (August 2)
An automated trading program went amok at Knight Capital Group, flooding the NYSE and other markets with orders at the opening bell. This “was the latest black eye for the financial markets. The runaway trading suggests that regulators have not been able to keep up with electronic programs that increasingly dominate the supercharged market and have helped undermine investor confidence in stocks.” Some of the trades were cancelled when markets returned to order at 10:15, but Knight is expected to take a large loss.
An automated trading program went amok at Knight Capital Group, flooding the NYSE and other markets with orders at the opening bell. This “was the latest black eye for the financial markets. The runaway trading suggests that regulators have not been able to keep up with electronic programs that increasingly dominate the supercharged market and have helped undermine investor confidence in stocks.” Some of the trades were cancelled when markets returned to order at 10:15, but Knight is expected to take a large loss.
Tags: Automated trading, Knight, Markets, NYSE, Regulators
