Knight Buys an Algo Presence with EdgeTrade
Traders Magazine, December 2007
Knight Capital Group, which earned its stripes as a dealer, is looking to increase its presence in the agency trading game via algorithms. Last month, the giant trading firm bought agency brokerage and algorithmic provider EdgeTrade for about $59.5 million in cash and unregistered stock. The purchase gives Knight EdgeTrade's suite of algorithms and smart order-routing. "They've identified a gap in their product arsenal," said Carl Carrie, an electronic trading exec at JPMorgan. "What they don't really have are algo trading and an execution management system as products. So, apparently, with this acquisition they fill those gaps."
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