Daniel Coleman News
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Getco LLC, the closely held high- frequency trading company that’s acquiring Knight Capital Group Inc., named former UBS AG manager John DiBacco as global head of equities trading.
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Knight Capital Group Inc.’s decision to pursue a takeover by Getco LLC gives its shareholders, mostly Wall Street firms, an opportunity for stock appreciation while surrendering the certainty of cash.
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Getco LLC, the automated trading firm that’s the second-largest New York Stock Exchange market maker by number of securities managed, said it promoted Daniel Coleman to chief executive officer a year and a half after he joined the firm from UBS AG.
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Knight Capital Group Inc. capped its biggest rally in nine years after getting takeover offers from Getco LLC and Virtu Financial LLC, setting up a bidding war that may end its 17-year history as an independent company.
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Getco LLC will consider transactions with Knight Capital Group Inc. such as buying or selling shares of the market-making firm that dodged bankruptcy in August.
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Thomas Joyce, the chief executive officer of Knight Capital Group Inc., is poised to collect a $7.5 million retention payment tied to Getco LLC’s acquisition of the market-making firm, according to a government filing.
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Knight Capital Group Inc. expects to receive acquisition proposals as early as this week, according to a person with direct knowledge of the matter.
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NYSE Euronext temporarily assigned responsibility for 680 stocks that Knight Capital Group Inc. handles as a primary market maker to Getco LLC so the broker could focus on shoring up its finances after incurring a $440 million trading loss on Aug. 1.
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Getco LLC, a Chicago-based automated trading firm, eliminated about 40 jobs last week amid an industry slowdown in transactions, according to a person with direct knowledge of the situation.
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Rules governing the obligations of market makers on U.S. equity exchanges and how stock quotes are handled are among issues likely to be reviewed in a hearing today before the House Committee on Financial Services.
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