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Last updated: October 16. 2013 1:37PM - 234 Views
Associated Press



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(AP) Financial services company Knight Capital Americas will pay $12 million to settle charges it violated SEC rules in connection with a costly trading glitch in August 2012.


The Securities and Exchange Commission says Knight didn't have adequate safeguards to limit the risks posed by its access to markets.


Knight Capital Group takes stock trading orders from big brokers like TD Ameritrade and E-Trade. It routes the orders to exchanges including the New York Stock Exchange. In August 2012, a software glitch sent millions of erroneous orders to the New York Stock Exchange. The malfunction caused 45 minutes of volatile trading and a loss of $440 million for Knight, which at the time oversaw trading of 524 stocks on the NYSE.


Knight Capital is now part of KCG Holdings Inc.


Associated Press
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