Knight Capital has “all hands on deck” and is in close contact with clients and counterparties as it tries to weather trading errors that cost it $440 million, Chief Executive Officer Thomas Joyce said. Joyce said it’s “hard to comment” on discussions with creditors as Knight stock extended a two-day plunge to 70 percent and the firm explored strategic and financial alternatives following a loss almost four times its annual profit. The problems were triggered by what Joyce called “a bug, but a large bug” in software as the company, one of the largest U.S. market makers, prepared to trade with a New York Stock Exchange program catering to individual investors. “Technology breaks,” Joyce said in an interview on Bloomberg Television’s “Market Makers” program with Erik Schatzker and Stephanie Ruhle today. “It ain’t good. We don’t look forward to it.” [Bloomberg]
- 28 Aug 2014 at 8:00 AM
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- Knight Capital CEO: "It Ain't Good" When We Lose Four Times Our Annual Profit In A Matter Of Minutes August 2, 2012
- Opening Bell: 09.02.2014 September 2, 2014
- Swiss Bankers Suddenly Bashful About Listing "Sparkling Water," "Hooker For Client" On Expense Reports August 29, 2014
- Every Second Of Jefferies CEO's Ice Bucket Challenge Is Better Than The Last August 27, 2014
- Get Ready To Hear "I'll Have My Assistant Make A Reservation At Denny's" A Lot More Often August 29, 2014
- Boone Pickens Basically A Porn Star: 5th Wife September 2, 2014
- Investor Relations Exec Charged With Insider Trading Opts For Business Extremely Casual At Court Appearance August 27, 2014
- You Now Have Two Ways To Evaluate Mortgage-Backed Securities August 29, 2014
- Write-Offs: 08.29.14 August 29, 2014
- Opening Bell: 08.29.14 August 29, 2014
- Executive Editor
- Bess Levin
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