Knight Capital Reaches Out To JPMorgan For Emergency Funding

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Knight Capital Reaches Out To JPMorgan For Emergency Funding

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that traders at Knight Capital Group Inc. (NYSE:KCG) are making calls for jobs elsewhere as the stock hits new lows and the firm seeks a potential buyer

One senior Knight Capital Group Inc. (NYSE:KCG) executive told FOX Business Network (FBN) Senior Correspondent Charlie Gasparino that, “It’s a warzone here, bullets are flying; I’m just trying to survive”

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FBN has learned at least 10 counterparties won’t deal with Knight at least for now

FOX Business Network has learned that the turmoil has forced Knight Capital Group Inc. (NYSE:KCG) to reach out to JPMorgan Chase & Co. (NYSE:JPM) for emergency financing aimed at shoring up the company’s depleted capital base. The trading malfunction involved Knight Capital buying $5 billion of stock, and the next 48 hours are critical for the company’s survival as CEO Thomas Joyce tries to maintain its capital base and examines all alternatives, including a possible sale. Regulators are monitoring the situation closely.