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Joshua Walsky

Broadway Technology

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Anna Stumpf

TABB Group

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Innovations in Trading and Technology

A New Approach to Managing Wall Street Technology Glitches
12 September 2012:

Wouldn't you like to hear what an actual software developer thinks about the recent string of tech fiascos on Wall Street (Knight, Facebook, BATS etc.)? Following his recent Wall Street Journal op-ed, Joshua Walsky, CTO of Broadway Technology, gives us the technologist's view: technology will never be perfect, and here's what you can do about it.

Interviewer Anna Stumpf   Source: TABB TV   Categories: Technology
Topics: High Frequency Trading, IT governance/infrastructure, Regulations, Trading technology infrastructure


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2 Comments to "A New Approach to Managing Wall Street Technology Glitches":
  • Anon_avatar
    Anonymous

    14 September 2012

    Don't agree with the metaphor that these technical glitches can be compared to having to predict all car movements in traffic to avoid a a car accident. A more fair comparision would be that the car breakes or the steering stopped working. Yes, these are complex systems but these glitches are major. I would understand an algo or a trading system not performing as fast as designed as it is hard to predict future market movements. But this is a total failure and there seem to be no emergency break in place. In the Facebook case trade confirmations were drastically delayed, very easy for a surveillance tool to detect, in the Knight case there seem to be no risk control what so ever in place. 

    To hide behind that these systems are so complex and this is the best we can to makes us engineers looks pretty bad. My view is that if you're an engineer in this business and thinks that these systems are too complex and that we should be prepared for similiar failuers like these, I think you're in the wrong business. 

  • Anon_avatar
    Anonymous

    19 September 2012

    re your point that "there seem to be no emergency break in place. In the Facebook case trade confirmations were drastically delayed, very easy for a surveillance tool to detect, in the Knight case there seem to be no risk control what so ever in place" - this is exactly what Mr. Walsky is trying to address - there need to be monitoring tools and a system risk function in place to oversee these systems, if there had been such tools and such an office at Knight, trading errors would have been averted before they became catastrophic.

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