Knight Capital Group Launches European Algorithmic Suite
April 21 2009 - 2:30AM
PR Newswire (US)
JERSEY CITY, N.J. and LONDON, April 21 /PRNewswire-FirstCall/ --
Knight Capital Group, Inc. (NASDAQ:NITE) today announced the
introduction of agency algorithmic trading and smart order
execution strategies developed specifically for the European equity
marketplace. Knight's EdgeTrade Algorithmic Suite for European
equities is powered by FAN(TM), a smart order execution algorithm
which sources liquidity from multiple exchange and MTF destinations
simultaneously while adapting to market conditions in real time and
re-circulating orders to where executions are occurring. Buy- and
sell-side traders have used FAN to source liquidity and complete
trade executions in the fragmented U.S. equity markets since 2006.
With knowledge and experience from the success of FAN in the U.S.,
Knight has reengineered and customized its smart order execution
technology for European equities, taking into account the
microstructure and nuances of each market destination. FAN also
allows for single-ticket clearing. "Liquidity fragmentation in
Europe is accelerating, with new market destinations forming and
liquidity increasingly migrating away from the primary exchanges,"
said Bradley Duke, Managing Director of Institutional Electronic
Sales in Europe. "Traders need tools to simplify the process of
finding actionable liquidity. FAN is a dynamic smart order
execution algorithm, adapting to market conditions in real time and
routing orders to pools of liquidity where executions are most
likely to occur. It allows clients to complete trades efficiently
with minimum market impact and with opportunities for high
fulfilment rates and price improvement. Knight also recognizes the
complexities of equity clearing in Europe, so FAN allows clients to
complete trades across multiple market centres on just one ticket."
The EdgeTrade Algorithmic Suite includes smart order execution
algorithms based on FAN. Smart order execution leverages real-time
and historical data to help clients execute orders by seeking out
available liquidity among fragmented displayed and non-displayed
markets. These solutions include: -- FAN - Sweeps/posts an order
simultaneously to public liquidity and dark pools, dynamically
allocating the order to destinations where liquidity is located --
Covert(TM) - Posts and fills orders in dark pools exclusively --
Sumo(TM) - An aggressive strategy for quickly filling an order
designed to reduce information leakage and minimize market impact
FAN also is incorporated into various benchmark and participation
algorithms designed for European markets: -- Arrival Price -- VWAP
-- TWAP -- Smart VTrack -- Target Close "Knight committed
significant technology and other resources to capture the nuances
of both the European marketplace as a whole and the complex
microstructures of individual markets," Mr. Duke said. "Knight is
connected to all of the primary exchanges and MTFs throughout
Europe and expects to continue adding significant liquidity
destinations as they come on line." Clients can access the
EdgeTrade Algorithmic Suite through Knight Direct, Knight's
multi-asset class execution management system, as well as through a
number of third party execution and order management systems via
Knight Direct's FIX capabilities. The algorithms and Knight Direct
are recent electronic trading complements to Knight's existing
London-based trade execution services. Knight provides
high-quality, client-centric voice trade execution and sales
trading services to more than 400 European clients, leveraging its
network of local brokers and its worldwide reach to market centres.
Interested clients should contact Bradley Duke to learn more about
Knight's European algorithmic offering at +44 20 7997 7818, or .
About Knight Knight Capital Group, Inc. (NASDAQ:NITE) is a leading
financial services 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 global equities and
fixed income, foreign exchange, futures and options. Our approach
to trading combines deep liquidity with robust trading technology
and capital facilitation, when necessary, to deliver high quality
trade executions consistent with client defined measures. We
recently exited the Asset Management business, which had consisted
of our 51% ownership of Deephaven Holdings, the parent company of
Deephaven, a global multi-strategy alternative investment manager.
For information regarding our exit from our Asset Management
segment, refer to the Form 8-K's furnished by the Company on April
1, 2009 and January 27, 2009, and the Form 8-K filed by the Company
on February 26, 2009. 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 (i) the costs,
integration, performance and operation of businesses recently
acquired, or that may be acquired in the future, by the Company,
and (ii) the closing of the sale of the assets of the Asset
Management business and 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, 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, 2008, 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: Belinda Morris,
Public Relations Contact for Knight in Europe, +44 (0)20-7-457-2020
(office), or + 44 (0)791717 8860 (mobile), ; or Kara Fitzsimmons,
Director, Media Relations, +1-201-356-1523, , or Ludwig Marek, Vice
President, Marketing Communications, +1-201-356-1506 (office), or
+1-646-824-6260 (mobile), , or Margaret Wyrwas, Senior Managing
Director, Communications, Marketing & Investor Relations,
+1-201-557-6954, , all of Knight Web Site: http://www.knight.com/
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