Wall Street sees Knight as software risk wake-up call
(Reuters) – Wall Street banks and brokers are poring over their trading systems and rethinking the way they test software to make sure they don’t become the next Knight Capital Group, the trading firm whose survival was imperiled by a software glitch on Wednesday. Knight Capital’s $440 million loss from errant trades, which has forced the company to consider selling all or part of itself, is the third time in five months that technical bugs have caused trouble for Wall Street players. . . .
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