Knight Announces Goldman Sachs has Agreed to Purchase a Minority Equity Interest in Direct Edge ECN
13 Agosto 2007 - 9:00AM
PR Newswire (US)
Citadel to increase ownership interest in Direct Edge, furthering
ECN's transition from Knight consolidated subsidiary to independent
entity JERSEY CITY, N.J., Aug. 13 /PRNewswire-FirstCall/ -- Knight
Capital Group, Inc. (NASDAQ:NITE) today announced that The Goldman
Sachs Group Inc. has agreed to purchase a minority equity interest
in Direct Edge ECN. Goldman Sachs has agreed to purchase a minority
equity interest in Direct Edge and will join Citadel Derivatives
Group LLC, an affiliate of Citadel Investment Group, L.L.C., as an
investor in Direct Edge ECN. Knight announced Citadel's agreement
to purchase a minority equity interest in Direct Edge ECN in a
press release dated July 18, 2007, and the transaction was
completed after the close of business July 23, 2007. Direct Edge
intends to attract other strategic investors who may also utilize
the ECN for trade execution. "We are delighted that Goldman Sachs
has joined Knight and Citadel as a partner in Direct Edge ECN,"
said Thomas M. Joyce, Chairman and Chief Executive Officer of
Knight Capital Group. "Our firms agree that a vibrant, low-cost
alternative trade destination is needed in the search for best
price and deep liquidity in a fragmented market. Direct Edge ECN's
efforts to further drive liquidity and increase value for all
market participants will be enhanced as an independent entity."
"Direct Edge has quickly become a major market center for U.S.
equities by virtue of its innovative market model and competitive
pricing schedule" said Greg Tusar, Managing Director, Goldman
Sachs. In addition, Citadel Derivatives Group intends to increase
its ownership interest in Direct Edge. Upon the closing of the
transaction with Goldman Sachs and the increased investment by
Citadel, Knight's ownership interest in Direct Edge ECN will be
reduced to below 50%. As a result, Direct Edge will no longer be a
consolidated subsidiary within Knight's financial results. "Goldman
Sachs is a fantastic addition to the Direct Edge partnership," said
Mathew Andresen, Co-Head of Citadel Derivatives Group. "Volumes
have grown significantly in recent weeks and we expect that trend
to continue as Direct Edge becomes a more important liquidity
destination for the marketplace." The close of the transaction is
subject to the satisfaction of closing conditions and the receipt
of appropriate regulatory approvals, and it is expected to be
completed within 90 days. Financial terms of the transaction were
not disclosed. Direct Edge ECN, established by Knight in October
2005, reached record volumes of more than 443 million shares on
July 26, 2007 and averaged 380 million shares per day in August to
date. About Citadel Investment Group, L.L.C. Citadel is one of the
world's leading financial institutions focused on alternative asset
management strategies. The Citadel group of companies employ over
1,000 professionals at headquarters in Chicago and across its
offices around the world, including New York, San Francisco,
London, Hong Kong and Tokyo. Citadel Derivatives Group LLC is an
affiliate of Citadel Investment Group, L.L.C. and is one of the
leading market-makers in equities and listed options in the United
States. About Goldman Sachs Goldman Sachs is a leading global
investment banking, securities and investment management firm that
provides a wide range of services worldwide to a substantial and
diversified client base that includes corporations, financial
institutions, governments and high net worth individuals. Founded
in 1869, it is one of the oldest and largest investment banking
firms. The firm is headquartered in New York and maintains offices
in London, Frankfurt, Tokyo, Hong Kong and other major financial
centers around the world. To learn more about Goldman Sachs, please
visit http://www.gs.com/. About Knight Knight Capital Group, Inc.
(NASDAQ:NITE) is a leading financial services firm that provides
voice and electronic access to the capital markets across multiple
asset classes for buy-side, sell-side and corporate clients, and
asset management for institutions and private clients. Our Global
Markets business offers superior execution quality through natural
liquidity, capital facilitation and trading technology, with
comprehensive products and services that support the capital
formation process. Our Asset Management business, Deephaven Capital
Management, is a global multi-strategy alternative investment
manager focused on delivering attractive risk-adjusted returns with
low correlation to the broader markets. More information about
Knight can be found at http://www.knight.com/. 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.
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 Capital Group, Inc. CONTACT: Margaret
Wyrwas, Senior Managing Director, Corporate Communications &
Investor Relations, +1-201-557-6954, or , or Kara Fitzsimmons, Vice
President, Media Relations, +1-201-356-1523, or , or Jonathan
Mairs, Vice President, Corporate Communications, +1-201-356-1529,
or , all of Knight Capital Group, Inc. Web site:
http://www.knight.com/ http://www.gs.com/
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