Knight Rises—and Falls
A little more than a decade ago, in June 2002, news broke that an aspiring electronic broker was having trouble with its proprietary quote management system. Before market opening, the system had sent out large limit orders for a particular stock, to be sold at less than one-sixth of its current trading price—causing that company's share price to rapidly drop by almost half, before recovering after a weekend of calm.
The broker was Knight Capital.
Few waves were made. Knight's senior vice
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