KNIGHT SAYS TRADING OUT OF POSITION YIELDED $440M PRETAX LOS [NotSoBreaking] - MarketTicker Forums


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User Info	KNIGHT SAYS TRADING OUT OF POSITION YIELDED $440M PRETAX LOS in forum [NotSoBreaking]
Zarathustra Posts: 6034 Incept: 2009-04-29 Funkytown	"In talks?" what does that mean? ---------- "And in knowing that you know nothing, that makes you the smartest of all." - Socrates 2012-08-02 12:59:03 From PDA Permalink
Drench Posts: 28631 Incept: 2009-11-10	It means 2012-08-02 13:01:56 Permalink
Zarathustra Posts: 6034 Incept: 2009-04-29 Funkytown	Reuters: Fidelity Investments Not Routing Orders Through Knight ---------- "And in knowing that you know nothing, that makes you the smartest of all." - Socrates 2012-08-02 13:05:09 From PDA Permalink
Throxxofvron Posts: 10448 Incept: 2009-02-17 Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off	Quote: Knight in talks with Virtu Financial, Silver Lake Partners Really? -That would be exquisitely ***ing funny. ---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell 2012-08-02 13:16:41 Permalink*
Korejdk Posts: 752 Incept: 2008-03-12 NYC	Would it be possible for a virus to take over the algo ? ---------- Up or Down ___________________________________________________ You can live and not matter, or matter and never live. 2012-08-02 15:26:48 Permalink
Mayorquimby Posts: 13916 Incept: 2008-09-18 The Archaic Past	Down 63% to 2.58 - unreal. Read that Fidelity and eTrade are no longer routing trades through KCG. ---------- They who wish to hurt you, work within the law. - Morrissey Gold is theft. 2012-08-02 15:28:50 Permalink
Ironman09 Posts: 2813 Incept: 2007-08-08 La La Land	KCG = 0 or 5 soon ? Critical night tonight. Knight CEO Considering Bankruptcy Reorganization -Fox Business's Gasparino Aug 2, 2012 16:41:55 (ET) Knight Capital Group Inc. (KCG) chief executive Thomas Joyce is considering a bankruptcy reorganization for the market-making company, Fox Business Network's Charlie Gasparino said Thursday, citing sources. Mr. Joyce might move to sell company assets and look to "emerge as a viable company," Mr. Gasparino reported. Virtu Financial LLC, a trading firm backed by Silver Lake Partners, isn't interested in Knight Capital at this point, Mr. Gasparino also said. The Wall Street Journal earlier cited sources as saying Virtu was in talks with Knight on a potential merger or capital infusion. Website: www.foxbusiness.com ---------- - Short the Phone Book roll-over to 1330 ( May 6th,2013) Last modified: 2012-08-02 17:44:46 by ironman09 2012-08-02 17:40:02 Permalink
Throxxofvron Posts: 10448 Incept: 2009-02-17 Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off	Talks collapsed with Silver Lake Partners. They're **ED. Off to 363 reorganization where the meat can be separated from the bone by the Vultures... Their berzerk HFT Algo destroyed the Firm in a few hours in a single *ing trading session. ---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell 2012-08-02 20:34:32 Permalink*
Drench Posts: 28631 Incept: 2009-11-10	Quote: Knight Capital Group Inc. (KCG) opened its books to potential buyers, including private-equity firms and at least one securities-industry rival, as it seeks an investment or takeover to survive after a $440 million trading loss, said two people with knowledge of the matter. Knight is working with Goldman Sachs Group Inc. (GS) and Sandler O’Neill & Partners LP as advisers in the rescue talks, said one of the people, who spoke on condition of anonymity because the discussions are private. The company is under pressure to strike a deal within days, the people said. http://www.bloomberg.com/news/2012-08-02.... 2012-08-02 20:40:35 Permalink
Ben Posts: 6408 Incept: 2009-10-09 The Distant, Glorious, Past	And that is how you vapourise assets in record time. ...aaaanndd it's gone! POOF! Ed.: Ya know, the speed of this - 12 hours more or less and the firm is Tango Uniform - does not bode well for when other, larger firms and entities give up the ghost. ---------- "Why are you going to learn French?" "Because I'm going to France," says Joe. "I'm from the future. You should go to China." Last modified: 2012-08-02 21:22:40 by ben 2012-08-02 21:20:34 Permalink
Zenthunder Posts: 6834 Incept: 2007-10-11	being a tech guy I am intensely curious as to what happened.... virus? ex-employee easter egg? hack/sobotage? cosmic ray in your RAM chip for a running program? ---------- *** FRAUD is NOT a business model. HOPE is not a business plan! 2012-08-02 21:25:25 Permalink
Grace Posts: 526 Incept: 2008-10-15 upstate new york	Zen, it sounds like they were trying to offset a new NYSE program: "On Wednesday, the same day that Knight lost $440 million, the NYSE launched its own computer driven trading system, called the Retail Liquidity Program, that the exchange hopes will reclaim some of the trading volume it has lost to market makers. Like Knight, the NYSE's RLP computers use algorithms to figure out when it makes sense to offer a slightly better price than what others are offering, and snatch up stock trades, this time away from Knight and others. Knight says the computer problems it ran into had to do with NYSE's new trading system, but it didn't say what. Tellingly, all of the stocks that Knight's computers did bogus trades in were listed on the NYSE. It's likely that Knight tried to upgrade its own algorithm to allow its computers to do an end around the NYSE's new system. But it messed up somehow. Instead, Knight's computer system, launched at the same time as the NYSE's, went on a trading frenzy, buying and selling millions of shares for no reason shortly after both systems were switched on, at when the market opened at 9:30 Wednesday morning. Normally that shouldn't have produced any real losses. These weren't actual orders, so Knight's system should have just been buying and selling to itself. But that's not how the world of high frequency trading works. When other traders, i.e. computer systems, saw the spike in activity, they jumped in too." http://finance.fortune.cnn.com/2012/08/0.... 2012-08-02 21:53:09 Permalink
Bearshort Posts: 4537 Incept: 2007-09-13 NYC	I guess the NYSE can brag "my computer can kick your computers ass"? Did the NYSE make $440 million taking the other side of Knights trading? ---------- Every day I'm more embarrassed and dismayed by my government. Last modified: 2012-08-02 22:06:51 by bearshort 2012-08-02 22:02:51 From PDA Permalink
Zenthunder Posts: 6834 Incept: 2007-10-11	lol. Robot wars. OK. ---------- *** FRAUD is NOT a business model. HOPE is not a business plan! 2012-08-02 22:20:44 Permalink

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