Software Glitch at Knight Capital (KCG) Leads Firm to Direct Traders Elsewhere
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Knight Capital Group (NYSE: KCG) is in some hot water Wednesday, following trading errors leading to larger-than-expected stock swings at the open.
Stocks of large-caps like Humana (NYSE: HUM) and Goodyear (NYSE: GT) saw moves from six percent to 10 percent or more higher...with no attributable news on the moves.
Following some trader outcry, a spokesperson for Knight Capital said it was looking into the problem. Later in the morning, headlines crossed that Knight Capital was telling clients to execute trades elsewhere for now, saying it was experiencing a delay in processing orders (a.k.a. - a software problem). Over-the-counter (OTC) trades were said to not be affected.
U.S. markets are currently mixed and it appears that not too many stocks are acting unusual now.
Currently, Knight Capital is off about 20 percent on the session with the expected increase in volume. Traders might watch peers on the move as Knight clients do start commencing trades at different brokers. That list includes: E*TRADE Financial (Nasdaq: ETFC), Interactive Brokers (Nasdaq: IBKR), Charles Schwab (NYSE: SCHW), TD Ameritrade (NYSE: AMTD), and FXCM (NYSE: FXCM), among others.
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Stocks of large-caps like Humana (NYSE: HUM) and Goodyear (NYSE: GT) saw moves from six percent to 10 percent or more higher...with no attributable news on the moves.
Following some trader outcry, a spokesperson for Knight Capital said it was looking into the problem. Later in the morning, headlines crossed that Knight Capital was telling clients to execute trades elsewhere for now, saying it was experiencing a delay in processing orders (a.k.a. - a software problem). Over-the-counter (OTC) trades were said to not be affected.
U.S. markets are currently mixed and it appears that not too many stocks are acting unusual now.
Currently, Knight Capital is off about 20 percent on the session with the expected increase in volume. Traders might watch peers on the move as Knight clients do start commencing trades at different brokers. That list includes: E*TRADE Financial (Nasdaq: ETFC), Interactive Brokers (Nasdaq: IBKR), Charles Schwab (NYSE: SCHW), TD Ameritrade (NYSE: AMTD), and FXCM (NYSE: FXCM), among others.
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Trading error
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Trading Error
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Trading Error
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