Knight Capital 'has 48 hours' to save itself after IT glitch causes...
by The Telegraph
Knight Capital is fighting for survival after a $440m (£283.6m) trading loss caused by a software glitch wiped out much of its capital, forcing Knight to seek new funding as its shares plunged as much as 80pc in two days.
Many of the company's biggest customers, including TD Ameritrade, the largest US retail brokerage by trading volume, and fund giants Vanguard and Fidelity Investments, stopped routing orders through Knight. One of the biggest fears is that the company will collapse, landing trading clients and creditors with losses.