Our goal for the new ECN is to provide a stable, fast, competitively priced and anonymous execution platform for trading of Nasdaq, exchange-listed and OTC Bulletin Board securities, said Thomas Joyce, Knight CEO. The new Knight ECN will be able to leverage the substantial technology and operational infrastructure of our Equity Markets division while establishing a new revenue stream for Knight.
According to the acquisition agreement, the Attain product will be an offering in Knight’s Electronic Services Group, and will operate as a separate broker-dealer subsidiary of the company.
Financial terms of the acquisition were not disclosed. It is expected to be accretive in its first year of operations as a Knight broker-dealer subsidiary.
