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INTERVIEW - Knight CEO Tom Joyce Explains What Went Wrong And How His Firm Lost $440 Million In 30 Minutes

Knight Capital CEO Thomas Joyce on Bloomberg yesterday. Pretty impressive interview given that NITE stock is down from 13 to below 3 in 24 hours, clients and counterparties have deserted the company, and the $440 million lost in 30 minutes of program trading gone hellishly wrong represents 4 years of profits for Knight.

The culprit - a new piece of proprietary Knight software for the NYSE that was installed Tuesday night without being tested first.  As a result, in the worst-case scenario, Knight Capital might be forced to shut down.  And honestly, it couldn't happen to a more deserving and more corrupt market maker.  Fifteen years of constant bid/offer manipulation from these crooks.  I can say with complete confidence that there will not be many tears shed across the trading community if and when Knight disappears.

Here's the latest:


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Why Knight lost $440 million in 45 minutes


The high frequency trading battle between exchanges and market makers is resulting in big losses not just for Wall Street, but, likely, for us too.

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Aug 3, 2012 at 9:52 AM | Unregistered CommenterLiberatedCitizen
Follow the Money...this is the "designed to fail" market...where you lose on purpose to either A) ask for a bailout (you still are rich from the commissions) B) Lose to a confederate in the scam...

Follow the Money...The street has more crooks than Sing Sing...
Aug 3, 2012 at 5:18 PM | Unregistered Commenterbeijingyank

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