Knight Buys Stake in Track Data, Develops Institutional System
BETWEEN THE LINES
Knight Trading Group has purchased one million shares of Track Data for $1.25 million. Knight now owns 1.5 percent of Track Data's outstanding shares and has a three-year option to buy an additional two million shares for $3.5 million.
Both companies signed a non-binding agreement to develop and operate a joint venture that will provide an improved trading service for institutional investors. The new service will be launched over the next six to nine months.
A Knight corporate spokes-person
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