A technological glitch behind Nordic American Tankers’ (NAT’s) wild ride on Wall Street yesterday could cost the firm behind the snafu nearly $500m.
Knight Capital on Thursday said erroneous trades, which are believed to have ignited volume spikes at more than 100 New York-quoted companies, resulted in a pre-tax loss of around $440m.
“This issue was related to Knight's installation of trading software and resulted in Knight sending numerous erroneous orders in NYSE-listed securities into the market.”
