Complete Case details are given below :
Case Name : Knight Capital Americas LLC
Authors : Robert D. Austin, Darren Meister
Source : Ivey Publishing
Case ID : W15077
Discipline : Information Technology
Case Length : 11 pages
Solution Sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
It took 19 years to build Knight Capital Americas LLC into the largest market maker on the New York Stock Exchange, but on August 1, 2012, it took only 45 minutes for the firm to be wiped out by an information technology (IT) problem: a change in the company’s software caused it to lose more than $450 million dollars in less than an hour. Although it was ultimately saved from bankruptcy when it was acquired two days later, the terms of acquisition were very unfavourable to the company’s shareholders. How did this happen? Could it have been prevented? What should the staff, the chief executive officer, other managers and the board of directors have done differently? What lessons does this story hold for how firms should be managed and governed? And what does it say about our ability to manage risk in large modern corporations operating in increasingly fast-moving and complex global markets?
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