We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,258 News Articles

NYSE: Trades will resume on Knight Capital IT platform next week

It was revealed earlier this week that Knight’s rival GETCO would take responsibilities for more than 670 securities after it suffered a major software glitch

The New York Stock Exchange (NYSE)) has confirmed that trading responsibility for more than 670 securities will return to Knight Capital's IT platform on 13 August, after they were transferred to rival GETCO's platform.

The transfer to GETCO occurred after Knight suffered a major software fault with the installation of its trading software last week, which then resulted in numerous erroneous orders in NYSE-listed securities into the market.

GETCO temporarily assumed responsibility for Knight's market maker unit on Monday, otherwise known as NYSE's trading floor activity, where it has an obligation to keep the stock market fair and orderly, and facilitate price discovery throughout the day, as well as at the open, close and in periods of high volatility.

"Knight and GETCO have demonstrated outstanding commitment and leadership in serving the best interests of investors, our listed issuers and market stability," said Larry Leibowitz, chief operating officer (COO) at NYSE Euronext.

"We applaud the teamwork and collaboration by all parties involved to ensure smooth, efficient and seamless transitions."

NYSE said at the time that exchange rules permitted the transfer, as it was in the public interest to do so.

Knight Capital also confirmed earlier this week that a consortium of Wall Street firms would inject $400 million (£256 million) into the company in an attempt to reverse the damage caused by the glitch.

The convertible share placement agreement, which would give the firms control of the broker, involves GETCO, Blackstone Equity, Ameritrade and Stifel.


IDG UK Sites

Best Black Friday 2014 tech deals: Get bargains on smartphones, tablets, laptops and more

IDG UK Sites

What the Internet of Things will look like in 2015: homes will get smarter, people might get fitter

IDG UK Sites

See how Trunk's animated ad helped Ade Edmondson plug The Car Buying Service

IDG UK Sites

Yosemite tips: Complete Guide to OS X Yosemite