Knight gets a boost, helped by loyal clients
Duncan Niederauer, CEO of the New York Stock Exchange’s parent company, called Knight’s problem an ‘‘unfortunate situation’’ and praised Knight CEO Thomas Joyce for being upfront and accountable.
Knight’s glitch happened when it was installing software for a new trading program at the NYSE, but both Knight and the NYSE said the NYSE was not to blame.
Niederauer acknowledged that investors are losing confidence in the system and spoke of ‘‘the need for reforms in market structure in the United States.’’ But he also laid some of the blame on regulators.
‘‘We have talked about this publicly that the growing fragmentation and uneven regulations across what is now hundreds of competing platforms continue to fuel a crisis of confidence among investors,’’ Neiderauer said. ‘‘It is just too hard for them to understand how the markets work.’’