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Tuesday, August 07, 2012

Knight of the Living Dead

News summary by MFWire's editors

Knight Capital will live another day, as a group of firms led by the Jefferies Group has injected $400 million into the troubled market maker, Reuters reports.

The Blackstone Group, Getco, TD Ameritrade, Stifel Nicolaus, and Stephens Inc. joined Jefferies in the rescue. Together they bought preferred shares amounting to nearly a 73 percent stakes in Knight. The stock was down 24 percent on the day, closing at $3.07.

And two big brokerages, Vanguard and E*Trade, announced that they've resumed routing orders through Knight.

Knight CEO Tom Joyce said it's too early to say whether the company will stick to the strategy it employed before the losses. Reuters spoke to some analysts who said it's still likely that Knight will eventually need to be broken up.  

Edited by: HFD


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