The Company and its subsidiaries is a financial services firm that provides voice and electronic access to the capital markets across multiple asset classes for buy-side, sell-side and corporate clients and asset management for institutions clients.
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ratings and Key Statistics provided by Zacks.
SEC Filings and Insider Transactions provided by Edgar Online.
Powered and implemented by Interactive Data Managed Solutions. Terms & Conditions
RSS Headlines
Fool UK
Recs
Knight Capital Group Inc. (KCG)’s $440 million trading loss stemmed from an old set of computer software that was inadvertently reactivated when a new program was installed, according to two people briefed on the matter.
was it from the boston office ?
Tom Joyce's problem here is that he has very limited ways to turn the company around. Since KCG's primary source of income stems from financial services, he will have to advertise his company as such. If someone came to me saying they could trade my money, but then told me their company recently had a 440 million dollar loss because they didn't properly debug a computer program before they started using it on the stock market, I'd be a little nervous to accept their offer. What about you?
While it is true that Joyce managed to get a 400 million dollar bailout in the form of convertible securities with companies such as JPMorgan Chase, KCG has been hit with a few lawsuits (which has cost them who knows how much). Not to mention, the stock has had a steady decline since its IPO.
I'm not convinced that KCG has a good chance at turning around.