Wall Street’s 5 Biggest Tech Fails

As the Knight Capital trading fiasco once again proved, in the race to be first, crashes will happen. But slowing down today’s high-speed marketplace would be akin to going back to the Stone Ages for market participants. High-speed trading is here to stay, and strategies will continue to grow more complex. But over the past two years, there have been a number of high-profile incidents in which an inability to harness the latest technologies that power our markets has cost industry players dearly — both in lost dollars and lost investor trust. Advanced Trading highlights Wall Street’s five biggest tech fails in the past two years.
August 03, 2012

SEC Sanctions Direct Edge for Weak Internal Controls, Oct. 13, 2011

The nation’s securities regulator said weak internal controls at Direct Edge caused millions of dollars in trading losses and a systems outage. Untested computer code changes led to unwanted trades involving nearly 27 million shares in 1,000 stocks, totaling roughly $773 million. Direct Edge settled the matter with the SEC without admitting wrongdoing.

[TMX Aims To Acquire Direct Edge Holdings]

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