INTERVIEW - Knight CEO Tom Joyce Explains What Went Wrong And How His Firm Lost $440 Million In 30 Minutes
Aug 3, 2012 at 4:52 AM
DailyBail in knight trading, nite, stock market, stock market, tom joyce, video

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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