Knight Adds FCM with Acquisition of Penson Futures
Electronic execution services provider Knight Capital Group, based in Jersey City, NJ, has announced the acquisition of Penson Futures, a futures commission merchant (FCM) and division of Penson Financial Services, for $5 million in cash, about half of which will cover its equipment and exchange memberships, and future earn-outs based on results over the next three years.
Besides operating its own electronic futures trading platform, Penson Futures provides execution, clearing, and custoday services for brokers, institutions and non-clearing FCMs on futures and options exchanges in the US and Europe, as well as risk management and consultation services.
Following regulatory approval, the FCM will operate as a division of Knight Execution and Clearing Services, and will be a member of the Chicago Board of Trade, the Chicago Mercantile Exchange, the Kansas City Board of Trade, NYSE Euronext Liffe, the Minneapolis Grain Exchange, Nymex, Comex, ICE Futures US, ICE Clear Europe, NYSE Liffe, One Chicago and LCH.Clearnet.
"Futures trading is increasingly moving toward an electronic, exchange-based model. With the acquisition of Penson Futures, Knight fills a strategic gap in the client offering with a top 30 FCM in the U.S.," says Tom Joyce, chairman and CEO at Knight Capital Group.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Waters Wavelength Ep. 304: Nice Actimize’s Lee Garf
Lee joins to discuss changes in communication platforms over the last few years.
DTCC revamps data distribution, collection efforts with cloud, AI
The US clearinghouse is evaluating the possibilities that cloud and AI offer to streamline the processes by which it collects and makes data available to market participants.
Agentic AI and big questions for the technologists
Waters Wrap: Much the same way that GenAI dominated tech discussions over the last two years, the road ahead will feature a lot of agentic AI talk—and CIOs and CTOs better be prepared.
Waters Wavelength Ep. 302: Connectifi’s Nick Kolba
Nick joins the show to give his views on trends in the interoperability space and the FDC3 standard.
AI co-pilot offers real-time portfolio rebalancing
WealthRyse’s platform melds graph theory, neural networks and quantum tech to help asset managers construct and rebalance portfolios more efficiently and at scale.
Waters Wavelength Ep. 301: SIX’s Javier Hernani
Javier Hernani, head of securities services at SIX, joins to discuss everything T+1.
Bloomberg debuts GenAI news summaries
The AI-generated summaries will allow financial professionals to consume more data, faster, officials say.
8 bank CTOs and CDOs sound off on artificial intelligence
Waters Wrap: Last year, WatersTechnology spoke with heads of technology and data from a range of tier-1 banks. Anthony pulls at one common thread from those interviews: AI.