Wall Street trading debacle raises fears
NEW YORK (MCT) — The high-speed trading arms race being waged on Wall Street has finally claimed its first major casualty.
Knight Capital Group, a brokerage that handles nearly 11 percent of all stock trading in U.S. companies, is in danger of collapsing after a software glitch triggered millions of unintended orders. The New Jersey firm lost $440 million in less than an hour — nearly four times the company’s profit last year.
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