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Ten Years of Risk-Management Disasters

The Titanic

The best risk managers are judged by what doesn’t happen to their companies. They don’t have huge trading losses, their executives don’t get investigated for fraud, and the names of their institutions don’t disappear from the Street.

Mysterious Computer Program Takes 4% of Trading Activity Last Week

Pitch Mystery Faces

A single mysterious computer program that placed orders — and then subsequently canceled them — made up 4 percent of all quote traffic in the U.S. stock market last week, according to the top tracker of high-frequency trading activity. The motive of the algorithm is still unclear.