The program was called “Power Peg” for those googling for it. It was a test program not intended to be used on the live market.
The Power Peg program was designed to buy a stock at its ask price, and then immediately sell it again at the bid price, losing the value of the spread.
The program was called “Power Peg” for those googling for it. It was a test program not intended to be used on the live market.
The Worst Computer Bugs in History: Losing $460m in 45 minutes
I get the impression that power peg is a risky google.