Getco LLC, publicly traded for the first time as KCG Holdings Inc. after acquiring Knight Capital Group Inc. (KCG), will see its focus on high-frequency trading reduced by the merger, according to the chief executive officer.
The Chicago-based firm is evolving into a technology provider focused on cutting execution costs for 650 broker-dealer and 2,000 institutional clients, rather than proprietary trading, Daniel Coleman said in an interview with Erik Schatzker and Scarlet Fu on Bloomberg Television’s “Market Makers.”
“What people should look at is what we’re putting together, not what we had,” he said. “We’ve been investing in new businesses, building out new products, trying to get closer to clients, and in fact these investments make the Knight merger that much more attractive. Yes, we were involved in HFT, but for the new firm it’s really not what we’re about.”