Knight Trading Group to Acquire ATTAIN ECN
May 04 2005 - 7:00AM
PR Newswire (US)
Knight Trading Group to Acquire ATTAIN ECN JERSEY CITY, N.J., May 4
/PRNewswire-FirstCall/ -- Knight Trading Group, Inc. (NASDAQ:NITE)
today announced that it has agreed to acquire the business of the
ATTAIN ECN from Domestic Securities, Inc., a privately held
company, and certain of its shareholders. ATTAIN is an alternative
trading system (ATS) that operates an electronic communications
network (ECN) for the trading of Nasdaq securities. "The
acquisition of an ECN marks the next step in the repositioning of
our Equity Markets business to excel in the changing securities
landscape," said Thomas M. Joyce, Chairman and Chief Executive
Officer. "With the acquisition of an ECN and direct market access
firm, Direct Trading, we are executing on our strategic plan by
broadening our suite of products to better serve the increasingly
sophisticated execution needs of broker-dealers and institutions.
Our goal for the new ECN is to provide a stable, fast,
competitively priced and anonymous execution platform for trading
of Nasdaq, exchange-listed and OTC Bulletin Board securities. The
new Knight ECN will be able to leverage the substantial technology
and operational infrastructure of our Equity Markets division while
establishing a new revenue stream for Knight. "In a space that is
quickly losing alternatives amid recently announced consolidations,
Knight will create a new liquidity center for and with our
clients," Mr. Joyce added. "We're pleased to continue to diversify
our offerings in a way that ultimately -- and most importantly --
benefits our clients. We will actively seek partners amongst our
largest clients and other market participants to join us in
building this new pool of liquidity." Upon receipt of regulatory
approval and completion of the acquisition, ATTAIN will be an
offering in Knight's newly created Electronic Services Group,
headed by Derek N. Stein. ATTAIN will be renamed and will operate
as a separate broker-dealer subsidiary of Knight Trading Group.
Financial terms of the all-cash transaction were not disclosed. The
acquisition is expected to be accretive in its first year of
operations as a Knight broker-dealer subsidiary. The close of the
transaction is subject to customary closing conditions, including
the receipt of appropriate regulatory approvals, and is expected to
take up to six months to complete. The advisers to Knight on the
deal were Skadden, Arps, Slate, Meagher & Flom LLP. About
Knight Knight is a leading provider of comprehensive trade
execution and asset management services. Our Equity Markets
business offers institutions and broker-dealers high quality trade
execution and capital commitment across the depth and breadth of
the equity market. Our Asset Management business, Deephaven Capital
Management, is a market-neutral investment manager focused on
delivering risk-adjusted returns with low volatility for
institutions and high net worth individuals. Knight strives to be a
valued partner by providing superior service and continually
enhancing its offering to meet client needs. More information about
Knight can be found at http://www.knight.com/ . About ATTAIN
ATTAIN, based in Montvale, NJ, is an order display alternative that
offers broker-dealers agency electronic trading through software
designed to bring together potential buyers and sellers of
securities, while reducing execution costs and functioning as a
price discovery system. Certain statements contained herein
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations,
estimates and projections about the Company's industry,
management's beliefs and certain assumptions made by management.
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 limitations, risks associated with the costs and
the integration, performance and operation of the businesses being
acquired by the Company, including ATTAIN and Direct Trading. 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; however, readers
should carefully review reports or documents the Company files from
time to time with the Securities and Exchange Commission including,
without limitation, the risks and uncertainties detailed under the
headings "Certain Factors Affecting Results of Operations" and
"Risks Affecting our Business" in the Company's Annual Report on
Form 10-K. DATASOURCE: Knight Trading Group, Inc. CONTACT: Margaret
Wyrwas - Senior Managing Director, Corporate Communications &
Investor Relations, +1-201-557-6954, , or Kara Fitzsimmons - Vice
President, Corporate Communications, +1-201-356-1523, , or Greta
Morley - Vice President, Marketing Communications & Public
Relations, +1-201-557-6948, , or Molly McDowell - Analyst,
Corporate Communications & Investor Relations, +1-201-356-1723,
, all of Knight Trading Group, Inc.
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