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Screenshot of a breaking news alert e-mail from Q2 2017
KCG Holdings, Inc. (NYSE:KCG) today announced the completion of the sale of certain assets and liabilities related to KCG Futures, its futures commission merchant, to Wedbush Securities Inc. Terms of the transaction were not disclosed. Late in October, it was revealed that KCG was actively pursuing and courting offers for it’s Forex ECN, Hotspot. No buyer has been announced as of yet…
This deal to Wedbush allows KCG to focus additional resources and energy on the firm’s primary businesses of market making, agency execution and trading venues. In addition, certain assets and corresponding liabilities classified as Assets held for sale and Liabilities held for sale on the Consolidated Statement of Financial Condition, each totaling approximately $680 million as of September 30, 2014, will be removed from KCG’s balance sheet. KCG’s headcount will be reduced by approximately 45 full-time employees with the divestiture and the firm no longer operates any business that provides custody and clearing of client assets.