Knight Capital losses $440m in 45 Minutes:US Broker


A US broker from New Jersy Knight Capital losses $440 in 45 minutes due to bogus computer trades causes Knight Capital share to drop by 75%.

According to Knight Capital Group, they were using new trading software that malfunctioned and it was out of control over 45 minutes,automatically byuing at high and selling at low price stocks in over 100 companies.

The firm, which is now facing bankruptcy, said the mistake cost it more money than the total revenue it brought in over the last quarter.

It said it is now "actively pursuing its strategic and financing alternatives".

As a result, Knight's only hopes for survival appeared to be a financial injection or a suitor to stave off financial collapse.

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