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April 3, 2005

Knight to buy direct market access company

Jersey City-based Knight Trading Group has agreed to acquire Direct Trading Institutional, a privately held firm offering direct access trading through an electronic platform, for an undisclosed sum.

By CBR Staff Writer

Irving, Texas-based Direct Trading offers hedge funds and other institutions direct market access through a single electronic platform. It allows clients to post orders directly to ECNs and Nasdaq’s SuperMontage and attempts to reduce transaction and market impact costs.

Clients also have access to an agency execution desk and third-party research and execution through soft dollar programs.

Thomas Joyce, CEO of Knight Trading Group, said the company will utilize Direct Trading as the foundation for its Electronic Services offering.

As part of the acquisition agreements, Direct Trading will maintain its brand and business model, and will operate as a separate broker-dealer subsidiary of Knight.

The close of the transaction is subject to a number of conditions, including the receipt of appropriate regulatory approvals, which are expected to take up to six months to complete. It is expected to be accretive in 2005.

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