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While this is definitely true, the amount of damage those paper-based systems was limited. As the Knight Capital case showed, it is possible to lose millions of
by SoftwareMaven 14y ago
While this is definitely true, the amount of damage those paper-based systems was limited. As the Knight Capital case showed, it is possible to lose millions of dollars a minute with poor software. That would not have been possible with human trades.
- patio11 14y agoThat would not have been possible with human trades Tell this to Mizuho Securities, where a human sold 620,000 shares at 1 yen instead of 1 share at 620,000 yen. ~$300 million loss in a single botched trade. Humans at both Mizuho and the Tokyo Stock Exchange saw the trade and all declined to intervene because they assumed they had insufficient authority to countermand the trader.