04:48 PM
Vanguard Not Routing Trades Through Knight Capital
Mutual fund giant Vanguard Group said on Thursday that it was not routing trades through Knight Capital.
A company spokesman said the firm was instead routing all of its trades through other vendors.
Vanguard typically routes 26 percent of its NYSE orders and 25 percent of its Nasdaq orders through Knight.
E*Trade, TD Ameritrade and Fidelity Investments have also said they are not routing trades through Knight, after news of the company's Wednesday software glitch that caused it to lose $440 million.
Pershing LLC, a subsidiary of BNY Mellon, is no longer routing trades through Knight, according to two people familiar with the situation.
(Reporting by Lauren Young; Editing by Jennifer Merritt)
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