Knight Capital Group

One bug, millions of dollars lost: An argument for open source solutions

annoying bugs

On August 1, Knight Capital Group, a financial services company, lost $440 million in less than an hour because of a software bug. As I understand it, this bug could have been avoided if more thorough testing was done before release but, as the Omaha World-Herald reports, the company "rushed to develop a computer program so it could take advantage of a new Wall Street venue for trading stocks...and failed to fully work out the kinks in its system."

In an op-ed piece in NYTimes.com, Ellen Ullman, a former software engineer and author, talks about how the SEC's call to companies like Knight to "fully test their computer systems before deploying coding changes" is an impossibility. Ellen writes: » Read more

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