Forget Ice Cream Sandwich, the world's trickiest firmware update cost Wall Street $440 million

If you think any problems or delays in updating your mobile phone's operating system are bad, just wait until you hear what happened to the Knight Capital Group when it updated its computer systems.

The brokerage that handles around 11 per cent of all stock trading in US companies lost $440 million (£282 million) in less than an hour as a computer glitch, believed to be caused through a scheduled update, forced the company's systems automatically to process all of the orders it had queued in a matter of minutes, rather than enact them at the set times over several days.

It's a software bug that may well have taken the firm down completely, as the loss was four times what Knight Capital posts in yearly profit.

It's a computer error that reminds us of the San Diego 4th July 2012 celebrations glitch that caused all of the planned fireworks in its display to shoot off at the same time. It was spectacular, but over in 30 seconds. A short return for the millions of dollars spent.

With Knight Capital's woes, however, many are now saying that Wall Street needs to move away from automated computer trading.

We say, so what if you're struggling with getting Jelly Bean through Kies. At least it won't cost you $440 million.

Pic: (cc) BBC World Service