KCG down due to rumor of algo gone wild

[Chicago_CTA]

Float's about $400mm.

If I was an uber-rich Arab I would be all over this....


Knight trades about 750 million shares a day; NYSE does about 1 billion per day; NASDAQ about 1.2 billion per day.

That's huge. Just got into futures, as well, with the purchase of PNSN's exchange memberships + clients.

I'll be cheering for Knight to make a comeback.

 

[atticus]

Knight loses 440MM. Seeks buyer. Bye bye.

 

[m22au]

CEO will be on Bloomberg TV between 10am and 11am ET

 

[GTS]

Quote from m22au:

CEO will be on Bloomberg TV between 10am and 11am ET

 

[m22au]

Does anyone have a quote for KCG bonds?

Unfortunately my broker doesn't have them on the available instruments list

 

[m22au]

https://twitter.com/SheilaD_TV/status/231011024583671808

Folks tell me distressed guys "all over the balance sheet trying to figure out downside". $KCG bonds ~50 cents on the dollar

****

OK so it should be fairly safe to short the stock at $3 (or sell calls), despite the plunge.

Update:
http://cxa.gtm.idmanagedsolutions.com/finra/bondcenter/BondDetail.aspx?ID=NDk5MDA1QUU2

CUSIP: 499005AE6

Maturity Date: 03/15/2015

 

[atticus]

Quote from m22au:

Does anyone have a quote for KCG bonds?

Unfortunately my broker doesn't have them on the available instruments list

The 3/15/15 3.5% were down 10 to 81.20. Yielding 11.12%. Odeon Cap had an offer at 80.00 on price. Hearing they will offer these in the high 60s.

 

[m22au]

Quote from atticus:

The 3/15/15 3.5% were down 10 to 81.20. Yielding 11.12%. Odeon Cap had an offer at 80.00 on price. Hearing they will offer these in the high 60s.

Thank you atticus

 

[ogarbitrage]

Losses are almost 4x 2011 net income. Ouch.

Citadel to the rescue?

 

[montysky]

Quote from Random.Capital:

It was a big position unroll that was supposed to happen over "several" days, and accidentally or error-ly got executed on something more along the lines of a "minutes" timescale.

Shit happens.

Obladi oblada.

Was the Knight algo programmed by the same guy who did the San Diego 4th of July firework show?

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