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An anonymous reader writes "Investment firm Knight Capital made headlines in 2012 for losing over $400 million on the New York Stock Exchange because of problems with their algorithmic trading software. Now, the owner of a Python programming blog noticed the release of a detailed SEC report into exactly what went wrong (PDF). It shows how a botched update rollout combined with useless or nonexistent process guidelines cost the company over $172,000 a second for over 45 minutes. From the report: 'When Knight used the Power Peg code previously, as child orders were executed, a cumulative quantity function counted the number of shares of the parent order that had been executed. This feature instructed the code to stop routing child orders after the parent order had been filled completely. In 2003, Knight ceased using the Power Peg functionality. In 2005, Knight moved the tracking of cumulative shares function in the Power Peg code to an earlier point in the SMARS code sequence. Knight did not retest the Power Peg code after moving the cumulative quantity function to determine whether Power Peg would still function correctly if called. ... During the deployment of the new code, however, one of Knight's technicians did not copy the new code to one of the eight SMARS computer servers. Knight did not have a second technician review this deployment and no one at Knight realized that the Power Peg code had not been removed from the eighth server, nor the new RLP code added. Knight had no written procedures that required such a review.'"

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Original author: 
Sean Gallagher


Alpha.data.gov, an experimental data portal created under the White House's Open Data Initiative.

Data.gov

President Barack Obama issued an executive order today that aims to make "open and machine-readable" data formats a requirement for all new government IT systems. The order would also apply to existing systems that are being modernized or upgraded. If implemented, the mandate would bring new life to efforts started by the Obama administration with the launch of Data.gov four years ago. It would also expand an order issued in 2012 to open up government systems with public interfaces for commercial app developers.

"The default state of new and modernized Government information resources shall be open and machine readable," the president's order reads. "Government information shall be managed as an asset throughout its life cycle to promote interoperability and openness, and, wherever possible and legally permissible, to ensure that data are released to the public in ways that make the data easy to find, accessible, and usable." The order, however, also requires that this new "default state" protect personally identifiable information and other sensitive data on individual citizens, as well as classified information.

Broadening the “open” mandate

The president's mandate was initially pushed forward by former Chief Information Officer of the United States Vivek Kundra. In May of 2009, Data.gov launched with an order that required agencies to provide at least three "high-value data sets" through the portal.

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