The speed with which this company has imploded boggles the mind.
- Tuesday evening Knight installs new software to conform with a New NYSE Retail Trading Program
- Wednesday morning betwen 9:30 – 10:00 am EST a bug burns through 5 billion in trades losing $440 million
- Thursday Knight Capital (KCG) CEO goes on Bloomberg to talk about nothing
- Thursday KCG loses 60% of it’s market cap
- Thursday Citadel is being referenced as a possible buyer
Good Morning Mario Draghi Watchers.
Today’s ECB meeting has the attention of every market participant, except Knight Capital. Doing nothing is not an option according to the press and recent market reaction. We’ll see, but my guess is expectations have grown out of proportion. You can watch the live webcast here.
The Knight Capital Debacle is classic, funny, sad, ironic, all sorts of adjectives but it still makes me chuckle, that evil sort of chuckle… Knowing how easy it is to make a simple coding mistake or even imagine sabotage, a disgruntled employee, for example. I hope to hear more about this story. ZH does a good job as usual, exagerating here. Knight doesn’t do “HFT”… These were Slow Frequency Trades (SFT) at 20-30 per second, for 30 minutes, and that’s the crazy bit. 30 minutes.
In any case, it should be an interesting day, good trading.
- EURUSD (1.2284) + 0.47%
- Gold Futures (GC) still holding over 1600 ($1602.60) – 0.07%
- Oil Futures(CL) + 0.28%
- S&P Futures (ES) + 0.29%
- Europe: CAC40 + 0.11% FTSE + 0.37%
- Asia: (NKD) – 0.29%
- Corn Futures (ZC) – 0.22%