Knight Capital
US equities · August 1, 2012
A stale test routine woke up on one server that a deployment had missed. At the market open, the firm's systems began firing millions of unintended orders at machine speed. Humans needed most of an hour to find and stop what the software did in milliseconds.
The book's reading: decision latency was measured in tens of minutes; the system's half-life in seconds. The outcome was decided before anyone decided anything.