Knight Capital considers bankruptcy, asset sale: Fox Business

Thu Aug 2, 2012 5:19pm EDT

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(Reuters) - Knight Capital Group's Chief Executive Tom Joyce is considering bankruptcy reorganization and a sale of assets, according to reports by Fox Business Network.

A trading glitch with Knight's software roiled markets and wiped out $440 million of the firm's capital, forcing it to seek new funding as its shares plunged more than 80 percent in two days.

A number of brokerages and broker-dealers have suspended routing trading orders through Knight. Among them: TD Ameritrade, Scott Trade, Fidelity Investments, Vanguard Group, E*Trade and Pershing LLC, a division of BNY Mellon.

(Editing by Jennifer Merritt; Editing by Bernard Orr)

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