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Message: <blockquote data-quote="Ian Kaplan" data-source="post: 95434" data-attributes="member: 16310">The huge loss at Knight Capital (over $400 million) because of errors in Knight's trading software show that software is not just important, but critical. There is no question that Knight's software design, implementation and deployment was flawed. A software error that caused a loss of this magnitude should not have happened.Some quantitative groups (whether they are market makers or trading groups) have not come to the realization that they are, in effect, like software companies. The financial engineering is important, but equally important is the software engineering.The software engineering experience needed to design complex, large scale financial systems can only come from years of experience. Many quantitative groups don't take this seriously and don't hire the sort of seasoned software professionals they should (again, by definition this didn't happen at Knight).</blockquote>