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Dan Hughes
Two key players in the U.S. stock market will merge. Virtu Financial(NASDAQ:VIRT) has offered to buy its rival trading company KCG Holdings (NYSE:KCG) for $1.4 billion. The deal is said to be closing in the third quarter of the year when KCG Holdings has secured the approval of its stockholders and management.
Virtu Financial's Source of Funds to Close the Merger at $1.4 Billion
The source of funds would come from the sale of stocks worth $750 million to private firms North Island and Temasek. Virtu Financial (NASDAQ:VIRT) will also borrow from JP Morgan Securities a total of $1.65 billion to close the deal.
This deal arrived at the time when there is low volatility in the stock market. Also, KCG Holdings (NYSE:KCG) registered a drop of 88 percent in its profit for the first quarter of the year. The decrease in earnings was also a result of the low volatility in stock trading.
The Key People Composing the New Management After the Merger
Upon amalgamation, they will combine everything in one trading platform. Douglas Cifu, Virtu Chief Executive, will head the team. Glenn Hutchins and Robert Greifeld will join after the deal.
KCG Holdings (NYSE:KCG) was established in December 2012 when Knight Capital Group and Getco merged. Knight Capital Group was based in New Jersey, and the latter was headquartered in Chicago.
"KCG fits perfectly with Virtu's strategic priorities to apply our market making and technological expertise to customer wholesale order flow and expands Virtu's growing agency execution business," Douglas Cifu, the Virtu Chief Executive, said in an interview.
Virtu Financial State-of-The-Art High-Frequency Trading
Virtu Financial (NASDAQ:VIRT) uses high-frequency trading (HFT) strategies that enable its clients from 36 countries to trade stocks and other securities. HFT uses advanced algorithms and technology that allow trading of stocks and other assets at the quickest speed possible. Its capacity accounts for half of the volume of the U. S transactions.
high-frequency trading
KCG Holdings
NASDAQ:VIRT
NYSE:KCG
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