Knight Capital filings show scant board duty for tech risk
WASHINGTON (Reuters) – Public filings by Knight Capital Group show that the company viewed technology systems among significant risks faced, but the duties outlined for its board members do not specify oversight of technology as a factor that could derail it. Knight Capital suffered a $440 million loss on Wednesday due to a trading foul-up blamed on software, and the company is now fighting for survival. Coming after the problems with Facebook’s initial public offering and the Flash Crash of 2010, Knight’s problem has put a renewed focus on the level of risk posed by technology. . . .
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