Live Blogging Of Goldman Conference: Knight Capital CEO Speaks
10 December 2009 - 4:39AM
Dow Jones News
The following are comments from Knight Capital Group Inc. (NITE)
Chairman and Chief Executive Tom Joyce at the Goldman Sachs U.S.
Financial Services Conference:
12:06 p.m.: Joyce says the payment for order flow issue is "way
down in the queue" for lawmakers in Washington, D.C.
12:04 p.m.: Joyce offers that in the last year Knight had two
days where the company lost more than $4 million in revenue. On the
flip side, however, Knight had more than 100 days when it made more
than $4 million.
12:00 p.m.: Knight's options market making initiative has room
to grow since the competitive nature of business has knocked
margins down across the industry. "For us it's all additive, so we
expect it to begin at excess of 20% a year," he said.
11:52 a.m.: Joyce says potential regulatory actions on measures
such as flash orders was at first "an emotional response not
well-founded in data." While difficult to predict, he hopes by the
middle of the spring that "this kind of cloud" will go away.
11:47 a.m.: Joyce says Knight has made 30 new hires in its
self-clearing business. Knight began self-clearing trades two weeks
ago and is now clearing 20,000 trades a day.
-By Brett Philbin, Dow Jones Newswires; 212-416-2173;
brett.philbin@dowjones.com
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