Wed, 02 Jan 2013 07:49:48 GMT - HFT Review
The chief executive of Knight Capital Group Inc. told Congress in June that rapid-fire trading, the backbone of its business, is a boon to the overall stock market. He cited a study that cautioned regulators against unintended consequences of curbing the practice known as high-frequency trading.
It was a 2010 study Knight itself had commissioned. Its lead author that year joined the board of a stock-exchange company that caters to high-speed traders and is partly owned by Knight.
Less than two months after the Knight executive's testimony, Knight nearly imploded when computerized trades went haywire, costing it $461 million in ...
