KCG

Knight Capital Group Inc

A Jersey City-based market maker and electronic trading firm that, at its peak, handled a huge share of daily U.S. stock trades on exchanges like the NYSE and Nasdaq. Founded in 1995 by Kenneth Pasternak and Walter Raquet as Knight/Trimark Group, it was one of the earliest champions of computer-driven trading, using automated systems to buy and sell shares continuously. In 2013 it merged with rival trading firm Getco to form KCG Holdings. Its best-known story: in August 2012 a software glitch in its order-routing system sent it into a tailspin in under an hour, making it one of the most famous cautionary tales in modern finance.