Knight Capital Group (KCG) Holdings has announced it is to acquire Stockholm-based agency broker Neonet Securities.
An execution and algorithmic trading specialist, Neonet has developed a suite of algo trading and smart order routing tools in European equities across 30 public and private markets to approximately 200 clients in more than 20 countries, as well as execution services to banks, brokers and other financial institutions. In October 2015 Neonet added access to the newly-launched BATS Periodic Auctions Book.
The acquisition, subject to regulatory approval, is expected to close by the end of the year.
"For the last 20 years, Neonet has focused on putting clients first and providing them with transparent execution services, as well as deep knowledge of international financial markets," said Tim Wildenberg, chief executive officer of Neonet, in a statement. "We look forward to leveraging KCG's significant expertise across asset classes in the U.S. and Europe for the benefit of our clients worldwide for years to come."
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