Knight Makes Algo Buy with EdgeTrade
"The EdgeTrade acquisition expands our electronic trading offering ... and will complement our voice offering in our hybrid business model," says Thomas Joyce, chairman and CEO for Knight.
The transaction, totaling approximately $59.9 million, is set to close in the first quarter of next year pending regulatory approval, say Knight officials. The broker-dealer will pay $29.5 million in cash and allot 2.3 million shares of unregistered Knight stock for EdgeTrade.
After the deal is finalized, New
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