Robert D. Austin, Darren Meister
Ivey Publishing (W15077-PDF-ENG)
March 30, 2015
It took Knight Capital Americas LLC 19 years to become the largest market maker on the New York Stock Exchange, but on August 1, 2012, it took just 45 minutes for an information technology (IT) problem to wipe out the company: a change in the company’s software caused it to lose more than $ 450 million in less than an hour. Although it was finally saved from bankruptcy two days later with the takeover bid, the conditions of the takeover bid were very unfavorable for the company’s shareholders. As a step? Could it have been prevented? What should employees, the CEO, other managers, and the board of directors have done differently? What lessons does this story teach about how businesses are and should be managed? And what does it say about our ability to manage risk in large modern companies operating in increasingly fast and complex global markets?
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