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Knight Capital Merges Subsidiaries
By Maria Woehr 12/31/10 - 12:00 PM EST
NEW YORK (TheStreet) -- Knight Capital Group(KCG_) is merging its broker-dealer subsidiaries under three names, according to a company statement.
The broker dealers will be merged under the names Knight Capital Americas and Knight Execution & Clearing Services LLC.
Knight Capital Americas will consist of Knight Capital Markets LLC, Knight Libertas LLC and Knight Equity Markets. Knight Execution & Clearing Services LLC will consist of Knight BondPoint and Knight Direct LLC into Knight Clearing Services LLC.
"As we continue to grow and evolve, we're working to strengthen the Knight brand in the global marketplace," said Thomas M. Joyce, Chairman and Chief Executive Officer, Knight Capital Group in a press release. "Rationalizing the U.S. corporate structure is a move toward simplifying the organization and presentation of the client offering."
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DECEMBER 31, 2010
Knight Consolidates U.S. Broker-Dealer Subsidiaries
Forms successor subsidiaries Knight Capital Americas, L.P. and Knight Execution & Clearing Services LLC
JERSEY CITY, N.J., Dec. 31, 2010 /PRNewswire via COMTEX/ --
Knight Capital Group, Inc. (NYSE Euronext: KCG) today announced the consolidation of U.S. broker-dealer subsidiaries into two entities, Knight Capital Americas, L.P. and Knight Execution & Clearing Services LLC, effective January 1, 2011.
"As we continue to grow and evolve, we're working to strengthen the Knight brand in the global marketplace," said Thomas M. Joyce, Chairman and Chief Executive Officer, Knight Capital Group. "Rationalizing the U.S. corporate structure is a move toward simplifying the organization and presentation of the client offering."
Knight will merge Knight Capital Markets LLCand Knight Libertas LLC into Knight Equity Markets, L.P., which will be renamed Knight Capital Americas, L.P. Similarly, Knight will merge Knight BondPoint, Inc. and Knight Direct LLC into Knight Clearing Services LLC, which will be renamed Knight Execution & Clearing Services LLC.
Knight Capital Americas, L.P. and Knight Execution & Clearing Services LLC are registered with the SEC and are members of FINRA and other SROs. In addition, Knight's U.S. broker-dealers are members of all major domestic exchanges and marketplaces covering stocks, options and futures.
Knight's non-U.S. broker-dealer subsidiaries are Knight Capital Europe Limited and Knight Capital Asia Limited.
About Knight
Knight Capital Group (NYSE Euronext: KCG) is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients, including buy- and sell-side firms, and corporations. Knight is headquartered in Jersey City, N.J. with a growing global presence across the Americas, Europe, and the Asia Pacific region. For further information about Knight, please visit www.knight.com.
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with changes in market structure, legislative or regulatory rule changes, the costs, integration, performance and operation of businesses recently acquired or developed organically, or that may be acquired in the future, by the Company and risks related to the costs and expenses associated with the Company's exit from the Asset Management business. Since such statements involve risks and uncertainties, the actual results and performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein. Readers should carefully review the risks and uncertainties disclosed in the Company's reports with the U.S. Securities and Exchange Commission (SEC), including, without limitation, those detailed under the headings "Certain Factors Affecting Results of Operations" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year-ended December 31, 2009, "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter-ended March 31, 2010, and in other reports or documents the Company files with, or furnishes to, the SEC from time to time. This information should also be read in conjunction with the Company's Consolidated Financial Statements and the Notes thereto contained in the Company's Annual Report on Form 10-K for the year-ended December 31, 2009, and in other reports or documents the Company files with, or furnishes to, the SEC from time to time.
SOURCE Knight Capital Group, Inc.
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The matters described within the Investor Relations section of the Knight Capital Group (the "Company") Web site contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which could cause actual results to differ materially from historical results, performance or other expectations and from any opinions or statements expressed with respect to future periods. These factors include, but are not limited to, the Company's ability to implement its growth strategies, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, intellectual property rights, and other factors detailed in the Company's registration statement and periodic reports filed with the Securities and Exchange.
