The Raw Data
On August 1, 2012, Knight Capital Group deployed a new trading algorithm to the New York Stock Exchange. Due to a manual deployment error on one of their eight servers, an obsolete, dead piece of code called “Power Peg” was accidentally reactivated.
Instead of routing orders properly, the broken server began buying high and selling low at a rate of thousands of trades per second.
- Time elapsed: 45 minutes
- Trades executed: 4 million
- Total loss: $440 million
- Result: The company lost 75% of its equity value in a single morning and was forced to accept a buyout to avoid bankruptcy.
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