The failures of automated trading systems are well-known and have cost hundreds of millions of dollars. On the other hand, the failures of human bankers
I think a better comparison would be with old-fashioned open-outcry pits. These were inefficient and failed frequently in opaque ways. Going electronic has made errors less frequent but also more noticeable, which means we under-appreciate the improvement.
I think a better comparison would be with old-fashioned open-outcry pits. These were inefficient and failed frequently in opaque ways. Going electronic has made errors less frequent but also more noticeable, which means we under-appreciate the improvement.