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KCG Holdings, Inc. (KCG)

- NYSE
  • Sep. 26, 2012, 12:45 PM
    Midday top 10 gainers: LPHI +112%. CTC +18%. AM +17%. STSI +15%. KCG +11%. WCBO +11%. CAMP +10%. DIAL +10%. SCMP +10%. SVN +8%.
    Top 10 Losers: PATH -27%. BTH -19%. OMN -14%. RMKR -13%. CPRX -13%. TISA -12%. GEVO -12%. MITK -12%. OINK -12%. TSTC -11%.
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  • Sep. 18, 2012, 5:01 PM
    Knight Capital Group's (KCG) head of trading algorithms, Joseph Wald, has left the company , marking the trading firm's first senior-level departure since a trading glitch in August resulted in a $440M loss to the company. Wald, a managing director who was responsible for the oversight of the firms trading programs sold to institutions, says he decided to leave to "pursue other opportunities."
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  • Aug. 15, 2012, 7:43 PM
    The SEC was already looking into Knight Capital's (KCG) risk management procedures at the time of it's now infamous trading debacle, says Fox News' Charlie Gasparino. This adds a new twist to the story, says Gasparino, because at the time, SEC officials were conducting what is known as a “sweep” to determine if the firm was in compliance with its new "Market Access" rule. If they had been, it could have prevented the trading glitch. At a minimum, it's possible that the agency might have pointed out the firm's shortcomings before the trading error occurred.
    | 7 Comments
  • Aug. 14, 2012, 1:55 PM
    Knight Capital (KCG +6.7%) is bouncing sharply as the company reportedly discovers the cause of its software glitch that distorted trading in hundreds of stocks. Two sources told Bloomberg that KCG inadvertently triggered an old software program as it was implementing a new one; the mistake multiplied trades by 1,000x and flooded the market with orders.
    | 1 Comment
  • Aug. 9, 2012, 4:39 AM
    Knight Capital (KCG) held around $7B of stocks at one point during its IT malfunction last week, but managed to sell $2.4B by the end of the day, the WSJ reports. Knight then offloaded the rest of the portfolio to Goldman Sachs after turning down a bid from UBS, but still took a loss of $440M from the whole disaster.
    | 3 Comments
  • Aug. 8, 2012, 4:25 AM
    Knight Capital (KCG) is set to resume its full market-making activities on the NYSE on Monday after yesterday gaining much of its market share back. Knight reportedly spoke to ~90 potential suitors about rescuing the firm, with rival Citadel offering a $500M loan in return for a 10-20% stake and control of Knight's Hotspot FX trading platform.
    | 5 Comments
  • Aug. 7, 2012, 6:18 AM
    Jefferies (JEF) CEO Richard Handler and Executive-Committee Chairman Brian Friedman played leading roles in saving Knight Capital (KCG) after its erroneous trades last week, including providing funds on Friday that allowed the latter to stay in business, the WSJ reports. Jefferies also helped with the structuring of Knight's $400M lifeline, of which the investment bank is providing a quarter.
    | 1 Comment
  • Aug. 6, 2012, 6:12 PM
    Knight Capital (KCG) says, pursuant to its $400M financing agreement, it will appoint three new members to its board of directors within one month following the closing date. The selections will include an individual selected by Blackstone, one by General Atlantic, which is the controlling investor in GETCO, and an individual proposed by the Board and acceptable to Jefferies. Shares -1.3% AH.
    | 4 Comments
  • Aug. 6, 2012, 7:28 AM
    Knight Capital (KCG) confirms (8-K) a group of investors have agreed to provide it financing to the tune of $400M 2% preferreds convertible into 267M shares (98.2M currently outstanding), meaning a conversion price of $1.50. Shares -38% premarket to $2.52. (earlier)
    | 3 Comments
  • Aug. 6, 2012, 3:14 AM
    SEC Chairperson Mary Schapiro rejected pleas from Knight Capital (KCG) CEO Thomas Joyce to cancel many of the trades his company had erroneously made last week, leaving it with $4.5B of securities it hadn't planned to buy. Schapiro's stance is a consequence of the 2010 flash crash, when the SEC was accused of arbitrariness in canceling transactions. (see investment)
    | 3 Comments
  • Aug. 6, 2012, 3:03 AM
    Knight Capital (KCG) will reportedly receive a $400M financing lifeline from a group of investors that includes Blackstone (BX), TD Ameritrade (AMTD), Stifel Nicolas (SF) and Jefferies Group (JEF). The consortium is expected to receive convertible preferred stock with a conversion price of $1.50/share and carry a coupon of 2%, giving it 70-75% of Knight Capital.
    | 1 Comment
  • Aug. 3, 2012, 3:08 PM
    Knight Capital (KCG +59%) has reportedly drawn initial interest from KKR, TPG Capital, Silver Lake, and Bank of America among others, as it opens its books in a bid to survive.
    | 2 Comments
  • Aug. 3, 2012, 3:01 PM
    It was Goldman Sachs that took over Knight Capital's (KCG) positions following the software glitch on Wednesday, a faux-pas that ended up costing Knight $440M.
    | 8 Comments
  • Aug. 3, 2012, 2:38 PM
    Knight Capital (KCG +63%) soars as TD Ameritrade (AMTD) begins again routing trades to the firm. Knight is a "good and trusted partner." (PR)
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  • Aug. 3, 2012, 9:15 AM
    Premarket gainers: OPEN +19%. MELI +17%. SKUL +13%. LNKD +11%. ATPG +11%. VHC +10%. KOG +10%. KCG +10%. STEM +8%. SQNM +8%. DB +7%. ING +7%. WFR +7%. E +6%. SI +5%. MT +5%. ATAX +5%. BCS +5%.
    Losers: ZIP -35%. HNT -24%. BODY -18%. MCP -15%. XIDE -13%. REE -8%. GLUU -7%. ONNN -7%.
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  • Aug. 2, 2012, 6:36 PM
    Knight Capital (KCG -62.8%) -12.4% AH on bankruptcy fears, even as it's reported  Goldman and Sandler O'Neill have been hired to find a buyer. Knight's books have been opened up to P-E firms and at least one rival (Virtu Financial?). Bloomberg Businessweek provides the back-story for Knight's $440M loss. Between 9:30 and 10:00 AM ET yesterday, one of Knight's algorithms went haywire, pushing through 4M extra trades (550M shares) related to nearly 150 stocks. Update: Fox Business claims Virtu Financial isn't interested.
    | 12 Comments
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Company Description
KCG Holdings Inc is a wholly owned subsidiary of Knight Capital Group, Inc., formed in December 2012. The Company is a financial service provider with three operating segments, Market Making, Global Execution services and corporate & other.