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Robot stock traders lose $440,000,000 in 45 minutes, need someone to spell it out
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Robot stock traders lose $440,000,000 in 45 minutes, need someone to spell it out
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6th August 2012, 07:36
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| [M] Reviewer  Join Date: May 2010 Location: Romania
Posts: 27,149
 |  Robot stock traders lose $440,000,000 in 45 minutes, need someone to spell it out Humans never learn and apparently neither do robots. Autonomous trading AIs went on a spending spree at Knight Capital Group in New Jersey this week, buying up shares in everything from RadioShack to Ford and American Airlines (ouch) in a 45-minute frenzy of disobedience. The company tried to offload the unwanted stock, but discovered it was already nearly half a billion dollars in the red -- enough to wipe out its entire profit from 2011 and "severely impact" its ability to conduct business. If only it had protected itself with one of these. http://www.engadget.com/2012/08/03/r...matic-trading/ |
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