The $440 Million Software Bug

[magazine]
Volume-Issue: 
2013-03
Article Summary: 

In August, Knight Capital Group lost $440 million in one day. But there weren’t any traders to blame—at least no human ones. The loss was the result of a software system upgrade gone awry. What can we learn from this and other software catastrophes in the financial sector, and how can we prevent them in the future?

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