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Could be fun in KCG land. Time to buy puts.
Sometimes it's just nice to have fun, I can't wait for the 3sss. Lol
He was doing a little wishful thinking, Margaret, not everyone is too stupid to understand what they read. Thank you though
No. The case was brought in New Jersey because that is where the financial firms in question are located.
Sheesh.
One can only hope
Can you imagine suits in multiple states on multiple stocks now that this precedent has been set? A mad as hell public could cause some quick changes!
Thanks for the info, things could get dicey. Wonder how many times the government is going to come to their rescue before they figure the American people just might not be all that stupid.
Federal appeals court sends 'naked short-sale' lawsuit back to N.J. state court
By Ron Zeitlinger | The Jersey Journal
on November 12, 2014 at 11:43 AM, updated November 12, 2014 at 11:45 AM
A federal appeals court this week returned a lawsuit accusing major investment firms of racketeering and securities fraud to New Jersey state court.
The Third Circuit three-judge panel ruled Monday that the claims in the lawsuit, brought by investors, "does not arise" under federal law and should be heard in state court. The decision reversed a March 2013 decision that the case be heard in federal court.
In the lawsuit a group of investors claims that Knight Capital Americas LP, of Jersey City; UBS Securities, with offices in Weehawken; LLC Merrill Lynch & Co. Inc., and others engaged in manipulative "naked" short-selling, which diluted and artificially depressed their value.
Naked short-selling is the illegal practice of short-selling shares of stock that have not been determined to exist. Traders must borrow a stock, or determine that the stock can be borrowed, before they sell it short.
Plaintiffs in the lawsuit are people and companies that owned shares in Escala, an auctioneer of stamps and other collectibles.
"The question of whether the naked short selling at issue in this case violates New Jersey law (including the state’s general securities fraud provisions) need not be answered by reference to Regulation SHO," the judges said in their opinion.
Regulation SHO is a federal regulation implemented in 2005 to prevent traders from engaging in naked short selling practices.
"Because the success of plaintiffs’ state-law causes of action does not 'necessarily' depend upon the contents of federal law, this case does not 'arise under' the laws of the United States. The presence of an exclusive jurisdiction provision governing Regulation SHO does not change the analysis, as such provisions cannot independently generate jurisdiction."
http://www.nj.com/hudson/index.ssf/2014/11/federal_appeals_court_sends_naked_short-sale_lawsuit_back_to_nj_state_court.html
Slow but sure we head to the amazing $3s
Single digits are here!
Single digits coming imho!
FINRA= Financially Involved Never Regulating Anything !!!!!!!!!!! Previous Close
had not heard that one
kudos .. lol
KCG >>
10/03/2014 10.33
52-Week High
01/07/2014 12.61
52-Week Low
10/08/2013 8.25
Volume 61,401
Volume (10 day Average) 356,756
Volume (90 day Average) 514,316
4kids
all jmo
Trading firm KCG announces job cuts
BY Reuters
— 4:41 PM ET 09/23/2014
Sept 23 (Reuters) - Trading firm KCG Holdings Inc (KCG) said it has begun cutting 4 percent of its workforce to focus on areas with potential for growth.
KCG said it expects to incur a pretax charge of $5-$6 million in the third quarter related to severance, other one-time termination benefits and associated costs.
(1.usa.gov/1uF0adr) (Reporting by Amrutha Gayathri in Bangalore)
yep ...
Seems to have been very bad advice, maybe confused with another stock....
FINRA= Financially Involved Never Regulating Anything !!!!!!!!!!!
Yup.. endemic corruption. Bad system set up.
KCG - FINRA is looking out for FINRA members. That is one of the benefits of being a self regulating organization. And the SEC? Incestuous is all anyone could say. Play the game right and get the big money and the big job working for a FINRA member!
Hmmm...with the total apathy of regulators to even address the obvious corrupt practices of the likes of NITE et al, i'm not goin to hold my breath! Almost as if SEC/FINRA have been paid off to turn a blind eye imo.
KCG - Eventually those fraudulent claims will come back and bite them on the ask.
Yup!! They also route through each other..NITE and ETRF like to route through VFIN and VNDM with a hidden block when fraudulently suggesting dilution.
KCG - Add KKR and VFIN to the list of NITE et al.
Yup! Share swapping between complicit makers (CSTI, ETRF, NITE, CDEL...), NSS and offshore hedgies, derivitative contracts..etc....it's a big list of filthy scumbags to investigate.
KCG - Just one of the many parts in the short selling syndicate.
I suspect NITE is about to be investigated
I'd say it was about 5 years overdue. SEC/FINRA are about as intelligent as my pet turtle to 'overlook' the blatant manipulation NITE engages in daily on hundreds of stocks.
I'm just waiting for 3s again
Not before 6 would I look for a segnificant pop!
KCG - If this breaks $9, it might be a good "pop play". I suspect NITE is about to be investigated along the same line as Oppenheimer et al.
Some knew it 3 weeks ago!
KCG - I suspect that there is "something" material coming. Insiders and those with sources are trading ahead of the game.
Do you think it has already happened and that is what is causing the run to the exits?
KCG - Sure looks like another "glitch" is in order.
Sure looks like its headed for single digits.
KCG - The slide continues. Insiders know something.
Tic Toc
Well
I for one certainly would not believe theses outstanding men would take bonuses for cleaning up the mess that is kcg. I made made a great play here and am not ashamed. Kcg in a government sanctioned scam took advantage of old peoples retirement accounts so the money I made buying under 3 was just smart.
KCG - Should get interesting soon enough! One has to wonder if some of these folks signed an employment agreement that had a retention bonus tied to it.
Tic Toc
According to today's WSJ it wasn't just the CFO that left, other KCG management are abandoning ship as well. Stay tuned.
KCG - No doubt the next "glitch" is coming. NITE has built its business model on the soft sand. Sure the view of the ocean is breathtaking, but the high tide is coming. Moneys spent to protect their image is now the subject of interest for the likes of many agencies.
Wash trading between business units, moving profits off-shore into tax havens, and just blatant market manipulation for profit are all part of the Tenets of everyday operations.
It is a shame that a few bad apples will ruin the entire barrel...but until these organizations clean house, they will continue to be subject of scrutiny and suspicion.
Tic Toc
The downtrend continues and the CFO is getting out! Nuff said.
https://finance.yahoo.com/news/kcg-announces-departure-steve-bisgay-180702757.html
GO KCG
"PEACE"
"STILL HOLDING..........."
LOVE....KCG Holdings (KCG)............HATE....KCG Holdings (KCG)............Love to Hate KCG, Hate to Love KCG.
GO KCG
"PEACE"
"Love my investment with KCG, Hate to admit it"
CRAZY....................MAN.....................YOU TOO
Now now, let's not be so harsh, as long as kcg has the money to pay the slap on the wrist fines for making small errors they must be legit! Lollollollollollol
What has that got to do with anything? Kcg got away with murder, so to speak, some of us were smart enough to buy in under 3 and now I'm just waiting for another "mistake" so I can play the cash cow game. Just because kcg is a big board play doesn't make it any less corrupt. The greatest part of this story is how the bean counters have worked over time to pin point the actual loss involved in the "glitch" and as of last week the numbers still don't match. Go back to day one and watch the evolution of cya in numbers. It's quite funny.
KCG - NITE is the preferred vehicle for many of there markets abuses.
Each day more and more investors KNOW who the scammers are. Waiting for perp walks!
A good suggestion.
They should rename this board.
" We invested in PINK crap stocks that are routed through KCG and others. We choose to blame the MMs instead of the scammers.
One or two forced covers would likely do it!
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Knight Capital Group, Inc. (collectively with its subsidiaries, "Knight" or the "Company") is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients, including broker-dealers, institutions and corporations. The Company seeks to continually apply its expertise and innovation to the market making and trading process to build lasting client relationships through consistent performance and superior client service. The Company has four operating segments: (i) Market Making, (ii) Institutional Sales and Trading, (iii) Electronic Execution Services and (iv) Corporate and Other.
Market Making
The Market Making segment principally consists of market making in global equities and listed domestic options. As a market maker, the Company commits capital for trade executions by offering to buy securities from, or sell securities to, institutions and broker-dealers. The Market Making segment primarily includes client, and to a lesser extent, non-client electronic market making activities in which the Company operates as a market maker in equity securities quoted and traded on the Nasdaq Stock Market; the over-the-counter ("OTC") market for New York Stock Exchange ("NYSE"), NYSE Amex Equities ("NYSE Amex"), NYSE Arca listed securities; and several European exchanges. As a complement to electronic market making, the Company's cash trading business handles specialized orders and also transacts on the OTC Bulletin Board, the OTC Pink Markets and the Alternative Investment Market ("AIM") of the London Stock Exchange. The segment provides trade executions as an equities Designated Market Maker ("DMM") on the NYSE and NYSE Amex. The Market Making segment also includes the Company's option market making business which trades on substantially all domestic electronic exchanges.
Institutional Sales and Trading
The Institutional Sales and Trading segment includes global equity, exchange traded funds ("ETFs"), and fixed income sales; reverse mortgage origination and securitization; capital markets; and asset management activities. The primary business of the Institutional Sales and Trading segment is to execute and facilitate equities, ETFs and fixed income transactions as an agent on behalf of institutional clients, and commits capital on behalf of clients when needed. This is predominantly a full-service execution business, in which much of the interaction is based on the Company's client relationships. This segment also facilitates client orders through program and block trades and riskless principal trades and provides capital markets services, including equity and debt private placement.
Electronic Execution Services
The Electronic Execution Services segment offers access via its electronic agency-based platforms to markets and self-directed trading in equities, options, fixed income, foreign exchange and futures. In contrast to Market Making, the businesses within this segment generally do not act as a principal to transactions that are executed and generally earn commissions for acting as an agent between the principals to the trade.
Corporate and Other
The Corporate and Other segment invests in strategic financial services-oriented opportunities, allocates, deploys and monitors all capital, and maintains corporate overhead expenses and all other income and expenses that are not attributable to the other segments. The Corporate and Other segment houses functions that support the Company's other segments such as self-clearing services, including stock lending activities.
Discontinued Operations
Discontinued operations comprises costs associated with shutting down the Company's former Deephaven Capital Management business which was discontinued in 2009.
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