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Knight Trading Group (formerly called Knight/Trimark NASDAQ: NITE) is a firm based in Jersey City, New Jersey[1] that acquires and sells stock for investors.[2] It was co-founded in 1995 by Kenneth Pasternak[3] and in 2000, it was the largest market maker in NASDAQ history.[4] In 1998, Knight Trading became a public company.[5]

Contents

History

Knight Trading group has multiple offices located in the United States and in other cities around the world. Knight's Asset Management offices are headquartered in Minnetonka, Minnesota, with offices in Hong Kong, China, and London.

In 2003 the company was worth $670 million.[6] Knight employs approximately 933 people.[6] In 2008, Knight traded an average of 3.97 billion shares per day.[7]

Violations and settlements

In 2002, The Wall Street Journal reported that Knight traders were being probed by regulators for taking advantage of anticipated price changes by placing their own orders before carrying out customer orders.[3] The company was fined $1.5 million for committing trading violations, such as not respecting posted quotes.[8]

In 2004, the company paid a $79 million settlement to customers whom they had overcharged.[9]

References

  1. ^ "Software Problem Hurts Knight Trading's Shares". The New York Times (The New York Times Company). 2002-06-04. http://query.nytimes.com/gst/fullpage.html?res=9807EEDB103AF937A35755C0A9649C8B63. Retrieved 4 March 2009.  
  2. ^ "Profit Drops 27% at Knight Trading Group". The New York Times (The New York Times Company). 2000-10-19. http://query.nytimes.com/gst/fullpage.html?res=9E02E5DE123EF93AA25753C1A9669C8B63. Retrieved 3 March 2009.  
  3. ^ a b "Knight Trading stock slammed on report of probe". USA Today. 2002-06-04. http://www.usatoday.com/money/general/2002/06/04/knight-hurt.htm. Retrieved 3 March 2009.  
  4. ^ "Knight Trading Group Caught in Middle of Nasdaq Slump". Los Angeles Times. 2000-10-05. http://articles.latimes.com/2000/oct/05/business/fi-31618. Retrieved 3 March 2009.  
  5. ^ "Broadpoint Hires 20 Year Industry Veteran, Robert I. Turner, as Chief Financial Officer" (press release). Business Wire. 2008-03-14. http://www.earthtimes.org/articles/show/broadpoint-hires-20-year-industry-veteran-robert-i-turner-as,315700.shtml. Retrieved 4 March 2009.  
  6. ^ a b Dinger, Ed (1999). "Knight Trading Group, Inc.". CBS Interactive (International Directory of Company Histories). http://findarticles.com/p/articles/mi_gx5202/is_1999/ai_n19122816?tag=untagged. Retrieved 4 March 2009.  
  7. ^ "Liquidity". Knight Trading Group. 2008. Archived from the original on 2009-03-03. http://www.webcitation.org/5f0fMNlpr. Retrieved 2009-03-04.  
  8. ^ "$1.5 Million Penalty For Knight Trading". The New York Times (The New York Times Company). 2002-01-08. http://query.nytimes.com/gst/fullpage.html?res=9E07E2DD1539F93BA35752C0A9649C8B63&sec=&spon=. Retrieved 4 March 2009.  
  9. ^ "Company New; Knight Trading Reaches Settlement with S.E.C.". The New York Times (The New York Times Company). 2004-07-08. http://query.nytimes.com/gst/fullpage.html?res=9C0DE1DF123BF93BA35754C0A9629C8B63. Retrieved 4 March 2009.  

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