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FBN's Charlie Gasparino on regulators getting involved with Knight Capital's problematic trades.
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Stock exchange now our -- Charlie Gasparino adding this to the next Charlie is reporting that the SEC.
Is now talking.
With the New York Stock Exchange over the erroneous trades at night and led -- calls and talking about throughout the morning that's according to.
So -- Charlie's sources is he -- OK Charlie I'm told is ready to talk about it himself right now and he joins us off from the -- -- -- of their choice to tell us what you know.
-- we should point out that this could be a complete mistake.
Doesn't have to be anything criminal.
But it is escalating into what I believe is a fairly a fairly big story for -- -- Knight Knight capital right now.
We do have the SEC involved with this thing dealing with a -- various players on the ground.
Deal with this the New York Stock Exchange dealing with debt.
Obviously nights is to sort out exactly what -- that we should point out that the stock is down significantly at Knight capital.
But -- simple reason is if you do and -- erroneous trade and you can't reverse it.
Knight is on the hook and it's could be on the hook for a lot of money and that's what the market to say now -- you see the stock is bounce back a little bit.
But this is a situation that I can tell you regulators are sorting through right now.
Again no nobody seen anybody -- anything more on I should point out that I know the CEO Mike capital pretty well Tom Joyce.
Pretty honorable guy's been in the markets a long time this stuff happens it could be is simple as a fat finger trader sending something through.
An algorithm go wrong has a lot of possibilities here.
But it is serious enough I should point out that now you have major regulators and -- to -- exchange commission is involved.
I hasten to say investigation we should point out that the SEC gets involved in these things.
You know as a matter of routine often but this is more -- that this is this is something where you know of a major firm that it's a publicly traded company.
Could be on the hook for a lot of money here and we'll just have to see this is the story of be playing out throughout the day.
Bomb again like I said a much they need anybody be wrong but they're clearly sorting out -- a -- situation or what looks like to be a bad situation.
Our Charlie so Charlie Gasparino there with us some more exclusive reporting adding the SEC involvement to this will be back to Charlie.
As the developments so -- and breaking situation we've been covering there -- the exchange their.
