Knight Capital to close its Hong Kong office

The electronic trader will also lay off 6% of its global workforce.

A Reuters report said, “Knight Capital, which currently has 1,465 full-time employees, has also cancelled more than 40 replacement hires and said it continues to seek further cost cuts.”

According to the report, the company has seen a prolonged decline in market conditions and expects to cut annual operating expenses by about $40-50 million through the cost-cutting measures.

View the report here.