Knight Capital CEO told Congress its data centers most reliable in the industry

Knight Capital CEO told Congress its data centers are ‘most reliable in the industry’
2 August 2012, by Ronald D. Orol (MarketWatch - Blogs)
http://blogs.marketwatch.com/thetell/2012/08/02/knight-capital-ceo-told-congress-its-data-centers-are-%E2%80%98most-reliable-in-the-industry%E2%80%99/

“Our data centers are some of the largest and most reliable in the industry.”

Those were the comments of Thomas Joyce, Knight Capital Group Inc.’s chairman and CEO less than two months ago (June 20) before a House Financial Services Committee hearing on Capitol Hill in Washington.

Flash forward to August and Joyce may be eating his words after Knight Capital disclosed that an existing erroneous trading positions caused by a technology snafu has cost it $440 million.

Read an article about the losses http://www.marketwatch.com/story/knight-capital-shares-sink-after-440m-loss-2012-08-02

In June testimony, Joyce said Knight Capital spends “tens of millions of dollars every year” making its technology platform “better, faster and more reliable.”

He also said that Knight has spent the last 17 years evolving its technology so the Jersey City, N.J.-based firm could process millions of trades a day in a “fast, reliable, cost effective manner while providing superior execution quality and service.”

Read the full testimony here http://financialservices.house.gov/UploadedFiles/HHRG-112-BA16-WState-TJoyce-20120620.pdf