Is this the most costly example of a botched upgrade ever? US financial services firm Knight Capital has been plunged into chaos after a botched software upgrade resulted in it sending out vast numbers of erroneous trades, which it has had to fork out $440m to extricate itself from.
The company has admitted that its capital base has been severely affected as a result, and the firm is reportedly looking for buyers and could even be forced in to bankruptcy.
The problem arose on 1 August, when an update to its trading software resulted in the system flooding the New York Stock Exchange with erroneous orders. Knight has confirmed that to trade its way out of those orders, it has taken a $440m hit.
Knight isn't of course the only financial services firm to be stung by a costly update error.
It has recently emerged that RBS is taking a £125m hit in its current financial quarter to cover the costs of a failed software upgrade in June that left its customers unable to access their funds for days.
But the two cases are markedly different: the RBS case highlighted how reliant financial firms have become on IT to conduct their day-to-day operations; Knight's predicament owes more to its reliance on high-speed trading systems.
The dangers of algorithmic trading were first brought to the public's attention back in 2010, when billions of dollars were wiped off companies trading on NYSE, after a glitch in one of the high-frequency trading systems set off a string of selling.
Knight has said that the software that started its problems has now been removed from its systems. Whether it can survive the shock remains to be seen.
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