Knight Capital Group Inc. yesterday provided an update on Wednesday's disruption to routing in NYSE-listed securities.
Knight experienced a technology issue at the open of trading at the NYSE. This issue was related to Knight's installation of trading software and resulted in Knight sending numerous erroneous orders in NYSE-listed securities into the market. This software has been removed from the company's systems.
Clients were not negatively affected by the erroneous orders, according to a release, and the software issue was limited to the routing of certain listed stocks to NYSE.
Knight has traded out of its entire erroneous trade position, which has resulted in a realized pre-tax loss of approximately $440 million. Although the company's capital base has been severely impacted, the company's broker/dealer subsidiaries are in full compliance with their net capital requirements.
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Knight Capital Offers Update on Stock Algorithm Debacle
Aug. 3, 2012
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Source: Copyright PRNewswire 2012
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