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Hi thanks very much the call we'll have more on the breaking news about the trading irregularities Charlie Gasparino working the story.
Our newsroom nothing insights exactly like the -- irregularity for the stock trades -- Irregular pretty or regulators.
I will point out that.
You know we're getting some word -- Knight Knight capital right now I'm not a lot they you know insane as as an -- all morning they're looking into this.
The stuff the real sort of news here I think is that the this is serious enough what's going down here that you have major regulators in the including Wall Street's top cop the SEC.
Which is involved in this in some things they're sort of bandied about from what I understand this is sources.
Close to the commission who say that -- that -- -- sort of -- that it that have insight into the discussions right now.
Is that they're looking that algorithm problems erroneous algorithm that went through Knight securities.
That could not be reversed and many can't reverse that the reason why the stock's down it's possibly night would have been -- would have the eat that trade in my cost them a lot of money.
We don't know exactly how much yet we should point out that the stock is coming back a little bit.
From its from its lows which you know maybe the market senses something this isn't as bad as it is it is it is it looked at first but clearly the -- -- looking at this.
Algorithm issue and you know what causes -- -- algorithm to go through the system.
Well what people talking about inside these meetings is some sort of fat finger trader remember that name the big guy that may have -- the the flash crash.
A complete mistake and down that is one of the issues here that they're looking -- I should point out that this is all very preliminary.
We don't know alive they're not talking alive we should point out this is a public company which is why the New York Stock Exchange is it is -- right now -- -- be obviously you don't -- -- You know they don't they don't want to jeopardize someone's you know -- company's health.
But it seems like it's it's it's -- -- -- -- tell you.
Is that it's attracting a lot of heat from major regulators now the SEC NYS he's involved night is working on this we -- we should point out also that night.
Was going to release its response.
To the to nasdaq's FaceBook accommodation proposal the sixty million dollars or people -- course 62 million dollars okay if -- gonna.
-- up among -- a number of players.
-- was supposed to be as we reported exclusively -- -- a week ago they were moving towards accepting that plan that that that announcement has been made yet.
From what I -- what -- reasons why that announcement has remain and it would be announced with the filing with the SEC.
Is because -- deal with this this is really consuming the time of the entire firm including the CEO.
Tom Joyce who are as bad as I said -- as it is a guy that I know very well as a very capable guy but that's where we are right now -- -- -- a developing story.
You know tell -- -- ever really great point you -- tunnel linking together the story lines here -- -- -- -- flash crash.
And then we had the FaceBook IPO the debacle there and now this looks like capital today it was seen that there's kind of a theme here that the SEC week.
-- -- gonna have to go through and talk to investigate over and over and willing kind of a night when our trading platform with the deeply believes.
It's a great point Charlie you know I -- a whole book about Dick Grasso the former head of the New York Stock Exchange she took a lot of heat.
-- like in humans over computers he he kept in business does that specialist system faced a match buyers and sellers -- maybe you know we we're in technological age where those guys.
You know running the whole show through those guys you know -- making making yeah making markets to only humans as you know obsolete.
But I will tell you when you know computers they break down and that will be one of the problems.
With anybody who's going out there and -- is thinking about suing NASDAQ over.
Over there -- their crummy you know FaceBook and they -- the -- handling of the FaceBook IPO.
Say what you want about but Bob Greifeld not a -- -- CEO of NASDAQ not a very popular guy.
On Wall Street a lot of people think he's arrogant and didn't do homework but remember computers breakdown and would all these guys -- -- about suing NASDAQ.
-- have to have to prove including UBS which is what unit as we heard yesterday is whether it was it was just destroy.
Or gross negligence they have to prove gross negligence to get their money and that's going to be really hard to move the stuff like this happens a lot.
This has in this story has Charlie -- for -- written all over we'll see you throughout the afternoon obviously on Fox Business Charlie they do.
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