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.
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.
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.
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.
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.