Knight Algo Nightmare Dents Market as Cangemi Sounds Alarm
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As computer errors at one of the largest U.S. market makers sent stocks swinging as much as 151 percent, Joseph Cangemi, a broker at ConvergEx Group, acted like a driver approaching a car crash. He slowed down.
“You have to put on your extra-sensitivity helmets and look for every possible bit of information to make prudent decisions,” said Cangemi, the head of equity sales and trading at the New York-based firm. “We were in a heightened state of alarm and we’re actually still in a heightened state of alarm.”