Knight Capital Group Inc. (KCG) Chief Executive Tom Joyce on
Monday confirmed that he did seek permission from Securities and
Exchange Commission Chairman Mary Schapiro to cancel many of the
trades following the firm's Wednesday trading glitch -- a request
denied -- but that he supported that decision and that the agency
"did their job."
Mr. Joyce, in an appearance on CNBC shortly after the market
maker officially announced a $400 million rescue plan through the
sale of convertible stock, also acknowledged that Knight had
fielded a large number of inquiries over the weekend.
"We had many discussions (with interested parties). I feel very
confident, and the board feels very confident, we made the right
choice for this firm," he said. Mr. Joyce emphasized that "we got
our clients out of the way.
"We made the mistake. The mistake hit us," said Mr. Joyce. He
added that the firm is conducting an internal investigation into
its errant trades and that he is confident clients will return to
do business with Knight.
As to his conversation with the SEC's Schapiro, Mr. Joyce said
he had a "frank discussion" with her and that Schapiro "did what
she thought was right for the industry.
"And I have to applaud her for her decision," said Mr. Joyce,
adding "I wish she had made a different decision but she thinks she
made the right decision for the industry and I have to support her
in that."
Full story at: www.cnbc.com/id/48516238
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