Aug 03

Stock Exchange Software Glitch Costs U.S. Trading Firm Knight Capital $440 Million In Just A Few Minutes, Shares Plunge 70 Percent

Economy, Global News No Comments »

- Stock exchange glitch cost U.S. trading firm $440m in just a few minutes and could lead to its bankruptcy (Daily Mail, Updated Aug 3, 2012):

The largest U.S. trader of equities on Wall Street, Knight Capital Group Inc was fighting for its survival on Thursday after a trading glitch wiped out $440 million of the firm’s capital, leaving it on the edge of bankruptcy.

The massive capital loss has forced the $1.5 billion firm to seek new funding as its shares plunged 70 percent in two days.

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