It was another shaky day on Wall Street Tuesday morning. In an apparent system error, a Goldman Sachs algorithm running on the options exchange set incorrect price limits on a number of ticket symbols.
According to Bloomberg, the trading may have affected about 400,000 contracts for companies such as JPMorgan Chase, Johnson & Johnson and Kellogg. Even though Goldman says the error “would not be material to the financial condition of the firm,” we can’t help but notice the striking similarity this glitch has with one that brought down the market making financial services firm Knight Capital Group.
Starting a new job is incredibly stressful as you’re thrust into a brand new environment with new people, new policies, and new systems that you’re unfamiliar with (not to mention checking out the snack situation and learning how to work the security card system — after you get locked out at least once). Your first few weeks as the “new guy” or “new lady” buys you some slack, but you are still expected to learn as much as possible, as quickly as possible so you can start contributing. Well take that situation and multiply it by about a thousand and that’s what it’s like for a new CIO.
We have some good news for CAST Highlight users who love Objective C. Your preferred code quality as a service platform has been updated to support your preferred coding language: Objective C, the language behind iOS — which powers the iPhone and iPad — and the Mac OS X operating systems.
CAST Highlight will now give development teams the ability to consistently produce reliable iOS applications, while giving IT leaders insight into where vulnerabilities lie across their entire application portfolio.
This Mark Twain quote comes back to me whenever I think about the central role that ERP platforms play in the innovation efforts of many organizations. How long has it been since we first started to hear that ERP was dead?
It was well over 10 years ago that the inflexibility of ERP systems led naysayers to predict that it would be phased out and replaced by more modular and adaptable applications that would be better equipped to support the many unique aspects of each enterprise. More recently, the cloud/SaaS/subscription model pundits began the charge again.
From IT’s perspective, the business is always asking for new applications — apps to innovate, or simply make their jobs a little easier. The problem is, it always want them done quickly and be up and running perfectly at launch.
Our very own Dr. Bill Curtis sat down with ComputerWeekly to discuss the challenges of maintaining this level of development while simultaneously ensuring the application’s performance and resiliency. You can hop over to ComputerWeekly to read the full article here.
Dear Technology Colleagues at Derivatives Exchanges,
I’m sure you do not need me to inform you that the investment community is becoming more aware of the importance of dependable software operating our exchanges. Yet many of your competitors have fallen victim to the reputational damage caused by software glitches. Many of us, as technology professionals and as individual investors, are shocked to see the escalating pace of major software outages reported by the exchanges and major market makers.
Why our very own Lev Lesokhin, of course.
If you were on Twitter Tuesday (or watching the market index), you no doubt saw AP’s fake tweet regarding an explosion at the White House that wounded the president, and the market and media frenzy that followed as a result. Not only was it remarkable to see the effect one rogue tweet could have on market stability (it temporarily wiped out $136B from the S&P 500), but the whole episode also underscored how fast paced the world of business has become.