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Knight Loses Trading Head
[ by Melanie Gretchen ]
Knight Capital Group continues to lose ground, as departures begin at the senior level. Joseph Wald, head of trading algorithms and managing director, departed today in the wake of the August 1st trading error that resulted in the loss of $440 million. According to a Knight spokeswoman, he "decided to leave the firm to pursue other opportunities."
Mr. Wald is not leaving as a result of the glitch; his unit which designed trading tools enabling large-scale investors to carry out trades more cheaply and quietly, wasn’t behind August’s problematic technology issue, according to people familiar with the matter. Nevertheless, it is fair to assume that Mr. Wald, who joined Knight in January 2008, will pursue greener pastures (before Knight, he was CEO of EdgeTrade, a developer of trading algorithms that Knight acquired in late 2007).
In his wake, will be replaced by Brendan McCarthy, who previously had been business manager of that division, to serve as head of sales and trading for Knight’s client algorithm business.
For further details, go [WSJ, 9/18/12].
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