"The consequences of the failures were substantial. For the 212 incoming parent
orders that were processed by the defective Power Peg code, SMARS sent millions of child orders,
resulting in 4 million executions in 154 stocks for more than 397 million shares in approximately
45 minutes. Knight inadvertently assumed an approximately $3.5 billion net long position in 80
stocks and an approximately $3.15 billion net short position in 74 stocks. Ultimately, Knight
realized a $460 million loss on these positions. "
"The consequences of the failures were substantial. For the 212 incoming parent orders that were processed by the defective Power Peg code, SMARS sent millions of child orders, resulting in 4 million executions in 154 stocks for more than 397 million shares in approximately 45 minutes. Knight inadvertently assumed an approximately $3.5 billion net long position in 80 stocks and an approximately $3.15 billion net short position in 74 stocks. Ultimately, Knight realized a $460 million loss on these positions. "
https://www.sec.gov/litigation/admin/2013/34-70694.pdf