Technology Bug Bites Knight
TRANSACTION SYSTEMS
NEW YORK--A bug in Knight Trading’s proprietary quote management system sent out a series of limit orders to sell the market maker’s own stock, causing the Jersey City, N.J.-based company’s share price to plummet almost 50 percent last week.
Knight’s troubles began last Monday in pre-market trading, when 940,000 Knight (NITE) shares were sold to several buyers at an average price of $0.83 per share. Knight was trading at $6.35 per share at the previous Friday’s close. The stock rebounded Monday
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