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February 3, 2014

KCG Consolidates

By John D'Antona Jr.

KCG Holdings Inc. has announced the consolidation and renaming of its U.S. broker-dealer operations into a single entity: KCG Americas LLC.

KCG was formerly Knight Capital Americas LLC and GETCO LLC. The two firms merged to create KCG Holdings last year after a 2012 trading glitch led to Knight Capital's collapse.

The name change and consolidation reflect a simplification of KCG's post-merger, broker-dealer subsidiary structure. Further, the consolidation generates cost synergies and releases additional capital, the firm said in a release.

In order to create KCG Americas LLC, first the brokerage operations of Getco Execution Services LLC and Getco Securities LLC were consolidated into Knight Capital Americas LLC. Octeg, LLC, Getco's equities market-making unit, was then merged into KCA, which was subsequently renamed KCG Americas LLC, effective Dec. 31, 2013, after the market close.

 

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