SEC Chairperson Mary Schapiro rejected pleas from Knight Capital (KCG) CEO Thomas Joyce to...

|About: KCG Holdings, Inc. (KCG)|By:, SA News Editor

SEC Chairperson Mary Schapiro rejected pleas from Knight Capital (KCG) CEO Thomas Joyce to cancel many of the trades his company had erroneously made last week, leaving it with $4.5B of securities it hadn't planned to buy. Schapiro's stance is a consequence of the 2010 flash crash, when the SEC was accused of arbitrariness in canceling transactions. (see investment)