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Risk Management Systems and Circuit Breakers
Risk Management Systems and Circuit Breakers
On August 1st, 2012, Knight Capital Group deployed a software update that accidentally reactivated a dormant trading algorithm. In 45 minutes, it sent millions of erroneous orders into the market, accumulated a $7 billion unintended position, and generated a $440 million loss. The firm nearly ceased to exist. A risk system with a simple position limit and an automated kill switch would have stopped it in seconds.
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