Since last week, there's been speculation about who would buy Knight Capital's market-making unit. Now, CNBC's Kate Kelly reports that the entire company is for sale, and competitors Virtu and Getco (both high frequency trading firms) are putting in proposals to buy it.
Knight is one of the biggest brokerages in the country That isn't to say, though, that the company will be bought
at all, according to Kelly. Knight has had an incredibly rough year. This summer it lost
$400 million due to a glitch in one of its new trading programs. The incident
prompted an investigation by the SEC and lawsuits from clients that lost money
trading. Knight Capital's stock spiked
sharply on Kelly's report and it's up around 16%......
Read more:
http://www.businessinsider.com/knight-capital-is-on-sale-2012-11#ixzz2DRqP2GPV
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