In the world of high frequency electronic trading, rogue trading episodes don’t need to be initiated by an out-of-control trader or even on purpose.
This week, ICE acquires NYSE, Getco takes over Knight and NASDAQ launches new market surveillance for commodities
Knight Capital Group Inc.’s decision to pursue a takeover by Getco LLC gives its shareholders, mostly Wall Street firms, an opportunity for stock appreciation while surrendering the certainty of cash.
Knight Capital Group Inc. capped its biggest rally in nine years after getting takeover offers from Getco LLC and Virtu Financial LLC, setting up a bidding war that may end its 17-year history as an independent company.
Knight Capital Group Inc., one of the largest U.S. market makers, shut down trading of equities today after backup power failed at its headquarters in Jersey City, New Jersey, amid a blackout following Hurricane Sandy.
A trading loss that almost sent Knight Capital Group Inc. into bankruptcy may spur regulatory changes to protect against future errors by “knuckleheads,” Knight Chief Executive Officer Thomas Joyce said.
Regulations put in place to protect investors after $862 billion of market value was briefly erased on May 6, 2010, were the same rules that almost ruined Knight Capital Group Inc. this month.
Knight Capital Group Inc.’s $440 million trading loss stemmed from an old set of computer software that was inadvertently reactivated when a new program was installed.
Knight Capital Group Inc. Chief Executive Officer Thomas Joyce estimated last week’s trading loss will be $270 million after taxes and told clients the firm is “in good standing” with clearinghouses.
NYSE Euronext temporarily assigned responsibility for 680 stocks that Knight Capital Group Inc. handles as a primary market maker to Getco LLC so the broker could focus on shoring up its finances.