The 10-Millisecond Bug That Cost $440 Million: How Knight Capital's Engineers Deployed Dead Code at 9:30am — And Lost $10 Million a Minute
On August 1, 2012, Knight Capital's trading system went live with a dormant feature from 8 years ago. In 45 minutes, it executed 4 million trades, moved 150 stocks, and nearly destroyed the entire US stock market.