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Knight Capital Group stated Thursday that it will be facing a $440 million loss for causing a glitch that affected trading activity in almost 150 NYSE-listed stocks.
CEO Tom Joyce commented that the firm is moving quickly to mitigate the fallout.
“We have all hands on deck and we understand what the issues are,” he stated.
Joyce said that the trading glitches stemmed from a software program Knight had put in place Tuesday evening. It’s not clear how much testing had been done but Knight’s CEO stated that the new software had a “fairly major bug in it.”
Knight said that it has removed all of the software that caused problems for its systems and that it has closed out all positions related to the order errors.
Knight was already facing $30 million to $35 million of losses related to Nasdaq’s trading glitches on the day of Facebook’s public debut.
Shares of Knight, falling 33% on Wednesday, dived as much as 54% in trading Thursday.
However Joyce remains optimistic: “The code has been restored [and] we’re very confident in the current operating environment that we reestablished.”