KCG Offloads FCM Business to Wedbush
KCG Futures will transit to Wedbush, along with 45 staff, by the year's end, subject to regulatory approvals. The division offers futures clearing, execution and custody services, but KCG will continue to offer market-making services in futures.
"This transaction is a positive development for everyone involved," says Daniel Coleman, CEO at KCG. "KCG Futures will join the Wedbush team, where it can further position itself as a leader in the marketplace, allowing Wedbush to expand its futures clearing and execution services. The transaction not only reduces and simplifies KCG's balance sheet, it also allows us to focus additional resources and energy on our primary businesses of market making, agency execution and trading venues."
Terms of the deal were not disclosed.
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