Knight Capital CEO quits

July 5, 2013 | Last updated on July 5, 2013
1 min read

Knight Capital’s former CEO Thomas Joyce quit just days after the firm was formally taken over by Getco, reports Reuters.

Joyce helped the company avoid bankruptcy after a technology glitch caused a $440 million trading loss in August 2012.

Read: Knight Capital shares boosted by sale rumours

The newly named KCG Holdings, Inc. has completed the merger whereby Knight Capital Group, Inc. and GETCO Holding Company, LLC combined as one. KCG formally launched operations under its new corporate identity on July 2, 2013, with a new website and brand, as well as a combined NYSE Designated Market Maker unit.

Read: News systems will speed trading

The merger, which was announced on December 19, 2012, was approved by the respective stockholders and unitholders of both companies at special meetings held June 25, 2013, the company says in a statement.

Read: Knight Capital receives lifeline after trading error

“We’re pleased to announce the completion of a merger that brings together the exceptional talent of each business to create a leading global securities firm,” says Daniel Coleman, CEO, KCG. “KCG will connect investors and markets worldwide through agency execution, market making and the operation of multi-asset class trading venues.”