| Recurring |
multiple_organization |
(a) In the provided articles, there is no specific mention of a similar software failure incident happening again within the same organization (Citigroup) or with its products and services.
(b) The articles do mention previous instances of software failure incidents at other organizations or with their products and services. For example, in August 2012, a computer-trading glitch at US financial services firm Knight Capital caused a major stock market disruption, costing the company around $440m. Additionally, in 2020, a UK-based former stock market trader, Navinder Sarao, was sentenced for helping trigger a brief $1tn US stock market crash using specially programmed, high-speed software for spoofing [127737]. These incidents highlight the potential risks and consequences associated with software failures in the financial sector. |
| Phase (Design/Operation) |
design, operation |
(a) The software failure incident related to the design phase can be seen in the article where a trader at Citigroup made an error in inputting a transaction, leading to the stock market "flash crash" in Europe. This error was attributed to human error or a "fat finger" trade, which is a reference to someone incorrectly typing the details of a trade [127737].
(b) The software failure incident related to the operation phase can be observed in the case of Navinder Sarao, a former stock market trader who used specially programmed, high-speed software to engage in spoofing activities. Sarao's actions, which involved placing and cancelling orders to create the illusion of market demand, contributed to market instability and the "flash crash" in May 2010 [127737]. |
| Boundary (Internal/External) |
within_system, outside_system |
(a) within_system: The software failure incident described in the articles is primarily attributed to errors made by traders within the system. For example, in the case of the "flash crash" mentioned in the article, Citigroup stated that one of its traders made an error when inputting a transaction, leading to the sudden fall in the price of assets [127737].
(b) outside_system: While the incident itself was caused by an error made within the system by a trader, external factors such as public holidays around the world affecting trading thinness were also mentioned as contributing to the impact of the flash crash [127737]. Additionally, the article references how market regulations were put in place following previous flash crashes caused by factors like computer-trading glitches and spoofing, indicating external influences on market stability and software behavior. |
| Nature (Human/Non-human) |
non-human_actions, human_actions |
(a) The software failure incident occurring due to non-human actions:
- The article mentions a computer-trading glitch at US financial services firm Knight Capital in August 2012, which caused a major stock market disruption, costing the company around $440m. This incident was attributed to a software failure introduced by the computer-trading glitch, indicating a non-human action leading to the failure [127737].
(b) The software failure incident occurring due to human actions:
- The article discusses the case of former stock market trader Navinder Sarao, who used specially programmed, high-speed software to engage in spoofing, a practice where he placed orders he did not intend to fulfill, creating market demand illusions. Sarao's actions contributed to market instability and the May 2010 "flash crash," showcasing a software failure incident resulting from human actions [127737]. |
| Dimension (Hardware/Software) |
software |
(a) The software failure incident occurring due to hardware:
- The incident mentioned in Article 127737 about the stock market "flash crash" in Europe was attributed to a trader's error when inputting a transaction, which led to the sudden fall in the price of assets. This error was a contributing factor that originated in human action rather than hardware malfunction [127737].
(b) The software failure incident occurring due to software:
- The incident involving the flash crash in the stock market was primarily caused by a trading mistake made by one of Citigroup's traders. This error in inputting a transaction was a software-related failure as it stemmed from a mistake in using the trading software [127737]. |
| Objective (Malicious/Non-malicious) |
malicious, non-malicious |
(a) The software failure incident related to malicious intent is exemplified by the case of former stock market trader Navinder Sarao, who was sentenced for helping trigger a $1tn US stock market crash through the use of specially programmed, high-speed software to engage in "spoofing" activities [127737]. This malicious activity contributed to market instability and led to the May 2010 "flash crash" in the Dow Jones index.
(b) The software failure incident related to non-malicious factors is demonstrated by the error made by a trader at Citigroup during the stock market "flash crash" in Europe. The error was attributed to a mistake in inputting a transaction, which led to a rapid fall in the price of assets. Citigroup identified and corrected the error promptly, indicating that it was a non-malicious error [127737]. |
| Intent (Poor/Accidental Decisions) |
poor_decisions |
(a) The intent of the software failure incident related to poor_decisions:
- The incident involving the trader at Citigroup was attributed to an error made when inputting a transaction, which led to the flash crash in the stock market. This error was identified and corrected within minutes by the bank [127737].
- The case of Navinder Sarao, a former stock market trader, involved the deliberate use of specially programmed, high-speed software to place thousands of orders that he did not intend to fulfill. This activity, known as "spoofing," contributed to market instability and led to the May 2010 "flash crash" in the US stock market [127737]. |
| Capability (Incompetence/Accidental) |
accidental |
(a) The software failure incident in Article 127737 was not directly attributed to development incompetence. It was mentioned that the flash crash in the stock market was caused by a trading mistake made by one of Citigroup's traders when inputting a transaction. This error led to a rapid fall in the price of assets, triggering a brief halt in trading in several markets [127737].
(b) The software failure incident in Article 127737 was categorized as accidental. The error made by the trader at Citigroup was described as an accidental mistake when inputting a transaction. The bank quickly identified and corrected the error within minutes. Accidental errors like this can lead to flash crashes in the stock market, causing sudden and significant drops in asset prices [127737]. |
| Duration |
temporary |
The software failure incident described in the articles can be categorized as a temporary failure. In the incident where a trader at Citigroup made an error leading to a flash crash in the stock market, it was mentioned that within minutes of the error being made, it was identified and corrected by the bank [127737]. This indicates that the software failure was temporary and was rectified promptly after being detected, rather than being a permanent failure caused by contributing factors introduced by all circumstances. |
| Behaviour |
omission, value, other |
(a) crash: The article mentions a "flash crash" in the stock market caused by a trading mistake made by one of Citigroup's traders. This led to a sudden fall in the price of assets, resulting in trading being briefly halted in several markets [Article 127737].
(b) omission: The incident involving the trader's error in the stock market "flash crash" can be seen as an omission failure, where the system (trader) omitted to perform its intended function correctly, leading to a significant impact on the market [Article 127737].
(c) timing: The timing of the software failure incident is evident in the article where the error in inputting a transaction by the trader occurred just before 8 am GMT on Monday, causing a sudden plunge in major share indexes [Article 127737].
(d) value: The software failure incident can also be attributed to a value failure as the error made by the trader in inputting a transaction resulted in a significant drop in the value of assets, impacting various stock indexes [Article 127737].
(e) byzantine: The article does not provide specific information indicating a byzantine behavior in the software failure incident.
(f) other: The software failure incident can be categorized under the "other" behavior as it involves a trading mistake leading to a flash crash, which is a unique scenario not entirely fitting into the crash, omission, timing, value, or byzantine categories. |