Knight Capital, the market maker at the centre of the latest malfunction in electronic share trading, bills itself as: “the science of trading, the standard of trust”.
Yet that public trust in US equity markets is being severely tested now. Following on from the technical glitches that marred the flotations of Facebook and BATS Global Markets this year, comes Wednesday’s erroneous trading in 148 shares listed on the New York Stock Exchange.
Once more investors and traders in the US equity market are left bewildered by another episode of an algorithmic or “algo” trading system running wild.
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