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KCG Holdings, Inc. (KCG)

  • Tue, Mar. 3, 8:35 AM
    • The longtime head of KCG Holdings (NYSE:KCG) market-making division, George Sohos has resigned, effective immediately.
    • SEC Form 8-K
    • Sohos' departure comes following the sudden exit of CFO Steven Bisgay in September. Both had been with Knight Capital since well before the Getco merger.
    • The market-making segment is KCG's most valuable business, generating $238.7M vs. overall firm revenue of $346.1M in Q4.
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  • Fri, Jan. 30, 7:07 AM
    • KCG Holdings (NYSE:KCG): Q4 EPS of $0.23 may not be comparable to consensus of $0.19.
    • Revenue of $346.13M (+7.0% Y/Y)
    • Press Release
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  • Thu, Jan. 29, 5:30 PM
  • Wed, Jan. 28, 8:33 AM
    • KCG Hotspot is KCG Holdings' (NYSE:KCG) FX trading venue, and BATS Global is buying for $365M in cash and up to another $70M over the next three years based on certain tax benefits.
    • The deal is expected to boost KCG's tangible book value by about $2 per share.
    • KCG CEO Daniel Coleman: "Upon completion of the deal, our focus will be on putting the cash to good use for KCG and our shareholders."
    • Source: Press release
    • Shares +3.2% premarket
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  • Tue, Jan. 6, 8:44 AM
    • Steffan Parrat has been appointed as KCG's permanent CFO, replacing Sean Galvin, who will return to the Chief Accounting Officer slot. Galvin had been in the CFO role since September when Steve Bisgay moved on.
    • Among Parrat's past positions, he was a managing director at BAML as well as at Citigroup.
    • Press release
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  • Dec. 15, 2014, 1:33 PM
    • KCG Holdings' (KCG -0.2%) Europe unit lost power in its main London building about 2 PM local time, and initially told traders it was running on backup power. A few minutes later, however, KCG sent an update telling customers to route European orders elsewhere while it fixed the issue. The company also said it was canceling all open orders.
  • Oct. 30, 2014, 1:15 PM
    • Q3 non-GAAP loss from continuing operations of $19.518M compares to a profit of $21.5M on Q2 and $19M one year ago.
    • CEO Daniel Coleman: "The muted retail trading activity and single-digit realized volatility within a heightened competitive environment cut into Market Making segment results."
    • Market Making segment: Total revenue of $166.6M vs. $218.4M in Q2. Pretax loss excluding certain items of $5.2M vs. a profit of $36M. Average daily volume of $24.7M vs, $25.1M; in terms of daily trades 3.3M vs. 3.6M; in terms of shares traded 5.8M vs. 10.8M.
    • Global Execution Services segment: Total revenue of $79.2M vs. $85.9M in Q2. Pretax income excluding certain items of $1.9M vs. $2.6M.
    • Company has begun to explore options for KCG Hotspot, its electronic FX trading vehicle.
    • Previously: KCG Holdings EPS of -$0.09
    • Off substantially earlier, KCG has returned to flat for the session.
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  • Oct. 30, 2014, 7:12 AM
    • KCG Holdings (NYSE:KCG): Q3 EPS of -$0.09 may not be comparable to consensus of $0.05.
    • Revenue of $272.3M (-42.0% Y/Y)
    • Press Release
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  • Sep. 12, 2014, 2:38 PM
    • "With the completion of the merger behind us, I feel it is the right time to move on to the next chapter in my career," says Steve Bisgay, stepping down as CFO of KCG Holdings (KCG -1.2%). Stepping in as interim CFO, effective immediately, is Chief Accounting Officer Sean Galvin.
    • Press release
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  • Aug. 1, 2014, 7:08 AM
    • KCG Holdings (NYSE:KCG): Q2 EPS of $0.08 may not be comparable to consensus of $0.17.
    • Revenue of $206.8M (-19.9% Y/Y) misses by $81M.
    • Press Release
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  • Jul. 31, 2014, 5:30 PM
  • Jul. 28, 2014, 3:06 PM
    • "The maker fee is an incentive ... for people to provide liquidity into the market," says Nasdaq OMX (NASDAQ:NDAQ) CEO Robert Greifeld, speaking on the sidelines of a congressional-sponsored roundtable about equity market reforms. "To be rewarded for that in some way I think is fair and legitimate."
    • However, he says, the $0.30 fee "was  not designed by God," and notes it's been at that level for 10 years.
    • The so-called "maker-taker" model is receiving heightened scrutiny following the Michael Lewis book which questioned the practice of paying brokers an an incentive to boost liquidity, and the major exchanges are competing with market-makers like KCG Holdings for order flow, perhaps enticing brokers to send orders to where they get paid the most, instead of where their customers get the best execution.
    • ICE CEO Jeffrey Sprecher also advocated lower fees, but goes further in suggesting a ban on maker-taker pricing altogether.
  • Jun. 16, 2014, 5:36 PM
  • Jun. 11, 2014, 4:05 PM
    • "The positive outlook on the B1 Corporate Family Rating reflects the progress KCG Holdings has made to date following its merger with Getco Holdings," says Moody's. "Since the merger closing, KCG's new leadership team repaid debt, seized cost synergies and expanded controls throughout the operating platform. This has improved debt metrics and enhanced the competitive position of the firm."
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  • Jun. 4, 2014, 6:50 AM
    • The Manhattan district attorney's office is investigation whether former KCG Holdings (KCG) technology executive Raymond Ross stole computer code for the benefit of his new firm Clearpool Group. Now CTO at Clearpool, Ross calls the suggestion he or any of his colleagues stole any property from Knight "outrageous."
    • Code-theft cases are a growing area of practice as banks and trading firms seek to protect the technology driving operations and profits. Prosecutors have had mixed results, and among those cases pending is one against Sergey Aleynikov, who is charged with stealing HFT trading code from Goldman Sachs.
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  • May. 2, 2014, 8:03 AM
    • Revenue of $383.7M up 19% Q/Q, with non-GAAP pre-tax income of 57.6M up from $19.8M. Market Making revenue of $277.3M is up 19% Q/Q, with pre-tax income of $76M up 59%.
    • With $185M of principal repayment during Q1, and another $50M since, KCG pays off and terminates its credit facility.
    • Tangible book value per share of $10.85.
    • Company announces $150M buyback program.
    • CC at 9 ET
    • Source: Press Release
    • Previously: KCG Holdings beats by $0.14
    • Shares +7.7% premarket
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Company Description
KCG Holdings Inc is asecurities firm offering clients a range of services designed to address trading needs across asset classes, product types and time zones. It is also engagedin principal trading via exchange-based electronic market making.