KCG makes another installment on its first lien credit facility, this time $85 million, taking the balance down to just $50 million KCG (NYSE:KCG) has today publicly stated that it has made a further $85 million installment toward the repayment of its first lien credit facility which was incurred subsequent to the takeover of the…
Read moreWill 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'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 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,…
Read moreDarren Mast, Getco COO, named Interim Head of Currencies at the merged company. In what seems like a clear sign that the merged Knight Capital and Getco company will look to sell its Forex ECN division Hotspot FX, Knight Capital announced today that post-merger, the Currencies division (namely, Hotspot FX) will be run an interim…
Read moreGood timing for Knight Capital's soon-to-be new owners, who will soon likely put Hotspot FX on the sale block. Hotspot FX reported that volumes in its Forex ECN system rose by 38% in January over December levels, to average $27.1 billion daily. January 2013 was also 10% above January 2012's averages. The numbers from Hotspot…
Read moreWill Hotspot FX soon have a new owner? Hotspot FX reported that volumes in its Forex ECN system fell in December to average $19.6 billion daily, down 9% from November's $21.6 billion -- but up 2% from last-year December's $19.2 billion. The numbers basically match what we already reported for the overall FX industry, with our Retail…
Read moreGetco likely to divest Knight's non-core assets, including Hotspot FX. Although it has not yet been formally announced, sources close to the situation (and as reported by CNBC) reported that Knight Capital's board will select Getco's offer to buy the company, after Getco raised the cash portion of its bid to $3.60 per Knight share.…
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