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May 05, 2015 6:26 PM ET

Capital Markets

Company Overview of KCG Americas LLC

Company Overview

KCG Americas LLC operates as a stock broker. It offers settlement and clearance services, direct market access trading, and electronic access and trade execution products for the retail fixed income market. KCG Americas LLC was formerly known as Knight Capital Americas LLC and changed its name to KCG Americas LLC on December 31, 2013. The company was founded in 2009 and is based in Jersey City, New Jersey. KCG Americas LLC operates as a subsidiary of Knight Capital Holdings LLC.

545 Washington Boulevard

Jersey City, NJ 07310

United States

Founded in 2009



Key Executives for KCG Americas LLC

KCG Americas LLC does not have any Key Executives recorded.

KCG Americas LLC Key Developments

PEIFFER ROSCA ABDULLAH CARR & KANE LLC Files Class Action Lawsuit on Behalf of Biozoom Investors against KCG Americas

PEIFFER ROSCA ABDULLAH CARR & KANE LLC has filed a class action lawsuit in the United States District Court for the Northern District of Ohio on behalf of persons or entities who purchased the common stock of Biozoom Inc. from KCG Americas, LLC between May 16, 2013 and June 25, 2013, inclusive. Biozoom was previously known as Entertainment Art Inc. According to an ongoing action by the SEC, between January 2013 through June 2013, certain Argentinean nationals opened brokerage accounts at two U.S. brokerage firms and deposited millions of shares of unregistered Entertainment Arts stock into those accounts. On March 12, 2013, Entertainment Art announced a dramatic change in business operations from a company that developed fashionable leather bags to a company that was involved in the biomedical industry. On April 1, 2013, Entertainment Art changed its name to Biozoom and listed itself on the OTC Bulletin Board. Beginning on May 23, 2013, Biozoom began issuing a series of press releases claiming it created the world's first portable, handheld consumer device to instantly measure certain "biomarkers" such as anti-oxidant levels, vitamin absorption and stress levels. Those claims were also made by certain stock promoters. Following the press releases and stock promotion Biozoom's stock price and volume rose dramatically. Between May 16, 2013 and June 19, 2013, the Argentinean nationals allegedly sold millions of unregistered shares of Biozoom for large profits. On June 25, 2013, the SEC issued a ten day trading suspension in Biozoom stock. Thereafter, the price of Biozoom shares fell dramatically. Plaintiff and the Class purchased their shares of Biozoom on the OTCBB from defendant KCG Americas. They asserted claims under Section 12(a)(1) of the Securities Act of 1933 against the defendant in connection with the sales of the Biozoom shares.

Securities and Exchange Commission Charges Knight Capital with Violations of Market Access Rule

The Securities and Exchange Commission announced that Knight Capital Americas LLC has agreed to pay $12 million to settle charges that it violated the agency's market access rule in connection with the firms Aug. 1, 2012 trading incident that disrupted the markets. An SEC investigation found that Knight Capital did not have adequate safeguards in place to limit the risks posed by its access to the markets, and failed as a result to prevent the entry of millions of erroneous orders. Knight Capital also failed to conduct adequate reviews of the effectiveness of its controls. This is the SEC's first enforcement action under the market access rule, which was adopted in 2010 as Rule 15c3-5. The market access rule is essential for protecting the markets, and Knight Capitals violations put both the firm and the markets at risk. Given the rapid pace of trading in today's markets and the potential massive impact of control breakdowns, broker-dealers must be held to the high standards of compliance necessary for the safe and orderly operation of the markets. According to the SEC's order, Knight Capital made two critical technology missteps that led to the trading incident on Aug. 1, 2012. Knight Capital moved a section of computer code in 2005 to an earlier point in the code sequence in an automated equity router, rendering a function of the router defective. Although this function was not meant to be used, Knight left it in the router. In late July 2012 when preparing for participation in the NYSEs new Retail Liquidity Program, Knight Capital incorrectly deployed new code in the same router. As a result, certain orders eligible for the NYSE's program triggered the defective function in Knight Capitals router, which was then unable to recognize when orders had been filled. During the first 45 minutes after the market opened on August 1, Knight Capitals router rapidly sent more than 4 million orders into the market when attempting to fill just 212 customer orders. Knight Capital traded more than 397 million shares, acquired several billion dollars in unwanted positions, and eventually suffered a loss of more than $460 million. The SEC's order also finds that an internal Knight Capital system generated 97 automated emails that went to a group of personnel. The emails referenced the router and identified an error before the markets opened on August 1. These messages were caused by the code deployment failure, but Knight Capital did not act upon them on August 1. Although Knight Capital did not design these messages to be system alerts, they provided an opportunity to identify and fix the problem before the markets opened.

OCTEG LLC and Knight Capital Americas LLC as Borrowers Enter into Credit Agreement

OCTEG LLC and Knight Capital Americas LLC as borrowers; KCG Holdings as guarantor; the lenders from time to time party thereto, BMO Harris Bank NA as administrative agent and collateral agent; JPMorgan Chase Bank NA and Bank of America NA as syndication agents; and BMO Capital Markets, JPMorgan Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. as joint lead arrangers and joint book runners entered into a credit agreement. The agreement provides for two classes of revolving loans, in a total aggregate committed amount of $450 million, together with a swingline facility with a $50 million sub-limit, subject to two borrowing bases - borrowing base A and borrowing base B. The proceeds of the borrowing base A loans are available to both OCTEG and Knight Capital Americas and may be used solely to finance the purchase and settlement of securities. The proceeds of the borrowing base B loans are available solely to Knight Capital Americas and may be used solely to fund clearing fund deposits with the National Securities Clearing Corp. OCTEG and Knight Capital Americas shall each be obligated only with respect to the principal and interest of their own borrowings, and not the interest and principal of the other borrower's borrowings. KCG Holdings fully and unconditionally guaranteed the obligations of each of OCTEG and Knight Capital Americas on an unsecured basis. The revolving facility also provides for an uncommitted incremental revolving credit facility of up to $250 million on certain terms and conditions. Borrowings under the revolving facility shall bear interest, at the applicable borrower's option, at a rate based on the federal funds rate or based on LIBOR, in each case plus an applicable margin. For each base rate loan, the annual interest rate is equal to the greater of the federal funds rate or an adjusted one-month LIBOR rate plus for each borrowing base A loan, a margin of 1.75% per annum and for each borrowing base B loan, a margin of 2.25% per annum. For each eurodollar loan, the interest rate per annum is equal to an adjusted LIBOR rate corresponding to the interest period plus for each borrowing base A loan, a margin of 1.75% per annum and for each borrowing base B loan, a margin of 2.25% per annum. Depending on the applicable borrowing base, availability under the facility is limited to either a percentage of the market value of certain eligible securities pledged as collateral in the case of borrowing base A loans, or the lesser of $150 million and a percentage of the excess over the clearing deposit required by the clearing company in the case of borrowing base B loans. The loans under the facility agreement will mature on June 6, 2015. Subject to certain exceptions, the revolving facility is subject to mandatory prepayments by the applicable borrower in the case of borrowing base A loans, if the amount of such loans exceeds the base and the applicable borrower does not deliver additional collateral to support such excess; and in the case of borrowing base B loans, on the earlier of the return of the applicable margin deposits funded from the proceeds of such loans are returned and five days after the date such loans were made; and in the case of borrowing base B loans, if such loans have been outstanding for more than 30 days in any 90-day period. Optional prepayments of borrowings under the revolving facility are permitted at any time, without premium or penalty.

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