Knight Capital Group Announces Gain From the Closing of the Direct Edge and International Securities Exchange Transaction
December 23 2008 - 3:37PM
PR Newswire (US)
JERSEY CITY, N.J., Dec. 23 /PRNewswire-FirstCall/ -- Knight Capital
Group, Inc. (NASDAQ:NITE) today announced that, in conjunction with
the close of the transaction between Direct Edge Holdings LLC and
International Securities Exchange Holdings, Inc. (ISE), it sold
approximately 0.9 million of its 2.8 million Direct Edge Holdings
LLC units and its interest in ISE Stock Exchange to the ISE for
cash of $47.5 million and will recognize a pre-tax gain, which is
subject to adjustment pending finalization of Direct Edge Holding's
purchase accounting, of approximately $50 million in its fourth
quarter 2008 financial results. "Knight welcomes the International
Securities Exchange as an additional strategic investor in Direct
Edge," said Thomas M. Joyce, Chairman and Chief Executive Officer,
Knight Capital Group, Inc. "Direct Edge ECN is a vibrant, low-cost
alternative trade destination which is fast becoming a major market
center. The added operational capabilities from the transaction
will accelerate Direct Edge's efforts to attain exchange status for
EDGA and EDGX." With the closing of the transaction, Knight's
ownership stake in Direct Edge Holdings will be 19.9 percent, down
from approximately 38 percent. About Knight Knight Capital Group,
Inc. (NASDAQ:NITE) is a leading capital markets firm that provides
electronic and voice access to the global capital markets across
multiple asset classes for buy-side, sell-side and corporate
clients. In Global Markets, we provide market access and trade
execution services in nearly every U.S. equity security and a large
number of international securities, fixed income, foreign exchange,
futures and options. In Asset Management, Knight owns a 51 percent
stake in Deephaven Holdings with Deephaven Partners controlling the
remaining 49 percent as of February 1, 2008. Deephaven
(http://www.deephavenfunds.com/) is a global, multi-strategy
alternative investment manager serving institutions and private
clients. More information about Knight can be found at
http://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 the costs,
integration, performance and operation of businesses recently
acquired, or that may be acquired in the future, by the Company,
and risks associated with the unprecedented current market
conditions and the resulting volatility, credit tightening and
counterparty risk, as well as the negative effect on performance
and assets under management in our Asset Management business and
the suspension of redemptions and withdrawals announced in the Form
8-K filed by the Company on October 30, 2008. 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, 2007 and Quarterly Report on Form 10-Q for the three months
ended September 30, 2008, 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, 2007, and in other reports or documents the
Company files with, or furnishes to, the SEC from time to time.
DATASOURCE: Knight Capital Group, Inc. CONTACT: Margaret Wyrwas,
Senior Managing Director, Communications, Marketing & Investor
Relations, +1-201-557-6954, or Kara Fitzsimmons, Director, Media
Relations, +1-201-356-1523 or Jonathan Mairs, Vice President,
Corporate Communications, +1-201-356-1529, Web Site:
http://www.knight.com/
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