August 2, 2012 / 9:22 PM / 5 years ago

Knight Capital considers bankruptcy, asset sale: Fox Business

(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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