U.S. regulators seeking to increase the efficiency of anonymous trading platforms should monitor the progress of counterparts in Australia and Canada, the former chairman of the Securities and Exchange Commission said.
Securities regulators fined Knight Capital Americas LLC $12 million for the trading malfunction that roiled the U.S. stock market in August 2012, saying the firm ignored dozens of error messages before its computers bombarded exchanges with millions of unintended orders.
Lazard Capital Markets LLC, the closely held brokerage controlled by current and former Lazard Ltd. employees, said Chief Executive Officer William Buchanan resigned after the firm completed its strategic review.
China’s securities watchdog is forging ahead with rules that allow brokers to invest in complex financial products and enter risky new businesses even after an unprecedented $3.8 billion trading error roiled markets.
The average spread between bid and offer prices for some lightly traded U.S. exchange-traded funds widened yesterday as Knight Capital Group Inc., the biggest market maker for ETFs, struggled to survive.
Foxconn Technology Group’s purchase of mobile-phone spectrum in Taiwan is the next step in Chairman Terry Gou’s plan to move past contract manufacturing and become a global mobile content and services provider.
Macquarie Group Ltd., the Australian financial services firm, hired former Knight Capital Group Inc. executive Brandon Krieg as head of electronic execution in the U.S. to help expand its business in the world’s largest market for stock trading.