Compliancex

Knight Capital Group officials raced over the weekend to negotiate a deal to save the crippled brokerage firm as new details emerged showing regulators rebuffed the company’s pleas to be released from errant trades it had booked.

Three hours after a software glitch unleashed a wave of erratic trades on Wednesday, leaving Knight holding at least $4.5 billion worth of securities it hadn’t planned to buy, firm Chief Executive Thomas Joyce was on the phone with Mary Schapiro, chairman of the Securities and Exchange Commission.

Read Full Article At WSJ