The Dark Knight Capital Rises

Knight Capital lost $10m a minute. Bane could learn a thing or two.

Spoilers for The Dark Knight Rises follow.

While the obvious cinematic comparison with an automatic trading system going rogue for inexplicable reasons and losing its owners $440m in just 45 minute may be the Skynet system of the Terminator series, we can't help but be a little reminded of a key scene in the apex of Christopher Nolan's Batman trilogy.

Bane, the goatse-mouthed villain who sounds like an evil Father Christmas, breaks into the Gotham Stock Exchange, kills some guy, and then proceeds to use all manner of mild technowizardry to make huge amounts of bad trades under Bruce Wayne's name, bankrupting him and forcing him to relinquish his place on the board of Wayne industries.

Now, even in the film as it stands, it's not entirely clear why actually does that, as his next action involving the board is to storm in and force them to hand over a fusion reactor at gunpoint, something which he could have done with Wayne present. Nor is it really explained why Gotham Stock Exchange didn't just roll back any transactions made in the period when a gun-toting madman was holding the exchange hostage and executing obviously illegitimate trades, as the New York Stock Exchange did after Knight Capital's algos went a bit crazy on Wednesday. 

But really, we now know that Bane didn't have to do anything at gunpoint at all. If he had just got hold of Wayne's computer-aided trading wing – and come on, Bruce built a computer which could spy on an entire city using intercepted mobile phone transmissions, don't try to tell us that he didn't do computer-aided trading – he could have lost him almost $200,000 a second in untraceable, unrollbackable, instant transactions which would have left his corporate reputation in tatters. Silly Bane.

Knight Capital itself certainly isn't doing much better than Wayne Enterprises. That $440m it's lost, from selling all the stocks it accidentally bought during its computer glitch, easily surpasses the company's entire quarterly revenue for last quarter. Its own shares were down 75 per cent on their Wednesday morning peak, and are likely to fall further today. It has made itself the target of hostile takeover rumors, and probably irretrievably damaged its reputation for being a safe pair of hands. For a company which once handled 11 per cent of all American stocks, it's an ignominious fall from grace.

Bane: Surprisingly inept at losing large amounts of other people's money.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Inside a shaken city: "I just want to be anywhere that’s not Manchester”

The morning after the bombing of the Manchester Arena has left the city's residents jumpy.

On Tuesday morning, the streets in Manchester city centre were eerily silent.

The commuter hub of Victoria Station - which backs onto the arena - was closed as police combed the area for clues, and despite Mayor Andy Burnham’s line of "business as usual", it looked like people were staying away.

Manchester Arena is the second largest indoor concert venue in Europe. With a capacity crowd of 18,000, on Monday night the venue was packed with young people from around the country - at least 22 of whom will never come home. At around 10.33pm, a suicide bomber detonated his device near the exit. Among the dead was an eight-year-old girl. Many more victims remain in hospital. 

Those Mancunians who were not alerted by the sirens woke to the news of their city's worst terrorist attack. Still, as the day went on, the city’s hubbub soon returned and, by lunchtime, there were shoppers and workers milling around Exchange Square and the town hall.

Tourists snapped images of the Albert Square building in the sunshine, and some even asked police for photographs like any other day.

But throughout the morning there were rumours and speculation about further incidents - the Arndale Centre was closed for a period after 11.40am while swathes of police descended, shutting off the main city centre thoroughfare of Market Street.

Corporation Street - closed off at Exchange Square - was at the centre of the city’s IRA blast. A postbox which survived the 1996 bombing stood in the foreground while officers stood guard, police tape fluttering around cordoned-off spaces.

It’s true that the streets of Manchester have known horror before, but not like this.

I spoke to students Beth and Melissa who were in the bustling centre when they saw people running from two different directions.

They vanished and ducked into River Island, when an alert came over the tannoy, and a staff member herded them through the back door onto the street.

“There were so many police stood outside the Arndale, it was so frightening,” Melissa told me.

“We thought it will be fine, it’ll be safe after last night. There were police everywhere walking in, and we felt like it would be fine.”

Beth said that they had planned a day of shopping, and weren’t put off by the attack.

“We heard about the arena this morning but we decided to come into the city, we were watching it all these morning, but you can’t let this stop you.”

They remembered the 1996 Arndale bombing, but added: “we were too young to really understand”.

And even now they’re older, they still did not really understand what had happened to the city.

“Theres nowhere to go, where’s safe? I just want to go home,” Melissa said. “I just want to be anywhere that’s not Manchester.”

Manchester has seen this sort of thing before - but so long ago that the stunned city dwellers are at a loss. In a city which feels under siege, no one is quite sure how anyone can keep us safe from an unknown threat

“We saw armed police on the streets - there were loads just then," Melissa said. "I trust them to keep us safe.”

But other observers were less comforted by the sign of firearms.

Ben, who I encountered standing outside an office block on Corporation Street watching the police, was not too forthcoming, except to say “They don’t know what they’re looking for, do they?” as I passed.

The spirit of the city is often invoked, and ahead of a vigil tonight in Albert Square, there will be solidarity and strength from the capital of the North.

But the community values which Mancunians hold dear are shaken to the core by what has happened here.

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