Knight is a Market Maker Once Again
Following the life-saving $400 million cash infusion it received on Monday, Knight Capital got a face-saving bit of news today. The New York Stock Exchange (NYSE) will return designated market maker (DMM) status to the beleaguered Jersey City firm on Monday, August 3.
NYSE on Monday removed Knight's status as DMM for 524 NYSE securities and 156 NYSE MKT listed securities, saying it was in the public interest until Knight's recapitalization plan was approved and completed. Its DMM responsibilities were given to Getco in the interim.
Since then, the deal for a consortium of firms, including Getco, to hand Knight $400 million in exchange for a 73 percent ownership stake was confirmed. NYSE was sufficiently convinced of Knight's stability to return its privileges.
"Knight and Getco have demonstrated outstanding commitment and leadership in serving the best interests of investors, our listed issuers and market stability," says NYSE Euronext COO Larry Leibowitz. "We applaud the teamwork and collaboration by all parties involved to ensure smooth, efficient and seamless transitions."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
S&P Global partners with IBM, Eventus launches Frank AI, Tradeweb expands algo execution abilities, and more
The Waters Cooler: Arcesium makes waves with Aquata Marketplace, NYSE Cloud flows into Blue Ocean Technologies, and more in this week’s news roundup.
Robinhood looks to ‘Chaos Monkey’ for op resilience playbook
As firms look to break down silos across business divisions to bolster operational resilience, the US broker is ditching emails, while utilizing chaos engineering and automating everything in sight.
Bank of America’s GenAI plan wants to avoid ‘sins of the past’
Waters Wrap: Anthony spoke with BofA’s head of platform and head of technology to discuss how the bank is exploring new forms of AI while reducing tech debt and growing interoperability.
TMX Group buys Verity, Deutsche Börse puts market data on-chain, and more
The Waters Cooler: The Texas Stock Exchange is SEC-approved, FalconX launches 24/7 access to OTC crypto options, and the CFTC needs a chair.
WatersTechnology latest edition
Check out our latest edition, plus more than 13 years of our best content.
24/7 trading roll-out risks pushback, industry veterans say
DRW’s Wilson warns of “mutiny” on non-stop rate options trading.
Ediphy challenges FCA, Sterling launches new OMS, and more
The UK bond tape is halted, LSEG and Databricks partner, Wells Fargo adopts TransFICC’s One API, and more in this week’s news roundup.
Man Group sees alpha-generating strategies from agentic AI
The firm is seeing actionable use cases from AI agents, said CTO Gary Collier, speaking at a conference in London hosted by Bloomberg.
