Yesterday, a trading glitch in Knight Capital's computer systems affected 150 stocks and resulted in massive losses for the firm.

Right now, the losses are estimated at $440 million and the company's stock was down over 50% at the opening bell.

Knight CEO Tom Joyce was just on Bloomberg TV and here's what he told Erik Schatzker and Stephanie Ruhle:

"We know we have a lot of work to do... we're exploring other options such as strategic investments..." This was in the press release Knight put out this morning.

Joyce went on to say that he can't comment on specific conversations at the firm, but at Knight "all hands are on deck, we understand what the issues are and we're talking to a lot of capable people."

Has anyone pulled credit lines, the reporters asked.

"During the day to day activity its kind of hard to comment," responded Joyce also saying that his legal council would prefer he not say anything.

On counterparties: "all of our clients respect what we did they were happy with us yesterday... we alerted them and got them out of the way."

He added that Knight "did not harm any investors...it was an anomaly. You can't immunize people against making mistake... you can't stop people from making stupid mistakes or writing bad code. That's what happens in a culture of risk."

As for the technical glitch itself, here's Joyce's simple explanation: "Unfortunately the software had a fairly large bug in it" and it sent bad trades to the NYSE... "as soon as we realized what we had we alerted our clients... technology breaks. This software was an infrastructure problem...a networking problem," he said.

So, according to Joyce, this issue isn't about the debate between high frequency and voice trading, this is about testing technology before you send it into the market. Basically, the frequency of the trades wouldn't have been mattered if the code that the software was written in had been correct.