Will KCG look to sell other assets -- including Forex ECN KCG Hotspot? KCG Holdings -- the company resulting from the merger of Knight Capital and Getco -- formally announced today it had closed its $80 million sale of reverse mortgage originator Urban Financial, a transaction we reported would happen back in July. Following the merger,…
Read moreKCG Hotspot sees October volume metrics of $29.8 billion daily, up 4% from September. In October, we saw what we thought was an across the board decrease in institutional FX volumes: Thomson Reuters -12% FXall -5% EBS -5% CME Group (FX futures) -22% EBS and CME's figures were their lowest volumes reported in several years.…
Read moreKCG Hotspot culminates an up month for all the major Forex ECNs. Hotspot FX, now formally known as KCG Hotspot, announced that September forex trading volumes came in at $28.7 billion daily, up slightly (3%) from August's $28.0 billion. Hotspot's figures complete our September picture in which all the major Forex ECNs -- ICAP EBS,…
Read moreKCG Hotspot's August Forex volumes come in at $28 billion per day, down just 2% from July. As compared to an 8% month-on-month volume decline in August at the other Forex ECNs (Thomson Reuters, FXall, and ICAP's EBS), KCG Hotspot reported August average daily volumes of $28.0 billion -- down just 2% from July. We should…
Read moreHotspot FX still on a hot streak, but July volumes decline in line with its Forex ECN peers. After seeing its best-ever forex volume month in June, Forex ECN Hotspot FX reported that July volumes declined by 22%, to average $28.6 billion per day. The decline was basically in line with Hotspot's Forex ECN peers,…
Read moreKCG's Q2 figures also make apparent what drove Getco to buy KCG. The newly-merged Getco and Knight Capital (parent of Forex ECN Hotspot FX) -- now called KCG -- announced results for its first quarter as a merged company on Wednesday, although results were presented separately for Knight Capital and Getco, presumably for the last time.…
Read moreThe post Knight Capital-Getco merger sale of non-core assets continues, with reverse mortgage originator Urban Financial sold for $80 million. KCG Group -- the company resulting from the merger of Knight Capital and Getco -- has announced the sale of Urban Financial for $80 million to an investor group led by financier Brian Libman. Urban is…
Read moreRyan Primmer replaces Darren Mast as the newly renamed KCG's Global Head of Fixed Income, Foreign Exchange and Commodities. While these kind of leadership changes are not unusual following an acquisition -- especially when it is the merger of similar companies -- there has nevertheless been somewhat of a revolving door in the management suite…
Read moreHotspot FX reports its first volume metrics as a newly private company, and they are impressive. Although it may not remain a private company (or rather, part of a private company) for long, Forex ECN Hotspot FX seems to be doing just fine outside the limelight of the public markets. Now owned by Getco, Knight…
Read moreStill unclear what exactly will happen to Knight Capital Forex ECN unit Hotspot FX. Equity market makers Knight Capital and Getco have announced that shareholders of both entities have overwhelmingly approved the merger of the two companies at separate votes held today -- the last formal hurdle to closing the transaction. Unless something strange happens,…
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