July 27, 2017 11:48 PM ET

Capital Markets

Company Overview of KCG Holdings, Inc.

Company Overview

KCG Holdings, Inc., an independent securities firm, provides various services designed to address trading needs across asset classes, product types, and time zones. The company operates through three segments: Market Making, Global Execution Services, and Corporate and Other. The Market Marking segment principally consists of market making in the cash, futures, and options markets across equities, options, fixed income, currencies, and commodities. This segment commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks, and institutions. Its principal trading comprise direct to clients, as well as in a supplemental capacity on exchan...

300 Vesey Street

New York, NY 10282

United States

923 Employees

Phone:

646-682-6000

Key Executives for KCG Holdings, Inc.

CEO & Director
Age: 52
CFO & Treasurer
Age: 48
Senior VP, General Counsel & Secretary
Global Head of Equities Trading
Age: 41
Head of Trading Strategy and Analysis
Compensation as of Fiscal Year 2017.

KCG Holdings, Inc. Key Developments

KCG Holdings, Inc. Plans to Reduce Number of Employee

On June 27, 2017, KCG Holdings, Inc. commenced a workforce reduction plan in order to reduce the company's expenses and operational complexity while increasing the company's ability to focus on areas of competitive strength. The workforce reduction plan was effective on the effective date for impacted employees in the U.S. and will be effective as of July 28, 2017 for those employees in the U.K. The plan impacted approximately 14% of the company's workforce and will be completed during the third quarter of 2017. The company currently estimates that it will recognize a pre-tax charge in connection with the workforce reduction of approximately $10 million during the third quarter of 2017. The charge is expected to consist of severance, other one-time termination benefits, and other associated costs. All affected employees were notified by July 17, 2017.

KCG Holdings, Inc. expected to report Q2 2017 results on July 27, 2017. This event was calculated by Capital IQ (Created on July 21, 2017).

KCG Holdings, Inc. expected to report Q2 2017 results on July 27, 2017. This event was calculated by Capital IQ (Created on July 21, 2017).

KCG Holdings, Inc. Announces Management Changes

The merger agreement by and among Virtu KCG Holdings LLC, formerly known as KCG Holdings, Inc. (the Company), Virtu Financial, Inc. and Orchestra Merger Sub, Inc.(Merger Sub). Pursuant to the Merger Agreement, the merger of Merger Sub with and into the Company, with the company as the surviving entity and a wholly owned subsidiary of Virtu (the Merger), became effective on July 20, 2017 (the Effective Date). On the Effective Date, in connection with the completion of the Merger, the Company was converted from a Delaware corporation having the name “KCG Holdings, Inc.” into a Delaware limited liability company having the name “Virtu KCG Holdings LLC.” Immediately following the Effective Time all of the company’s directors, which includes Charles E. Haldeman, Jr., Debra J. Chrapaty, Daniel B. Coleman, Peter R. Fisher, Rene M. Kern, James T. Milde, John C. (Hans) Morris, Alastair Rampell, Daniel F. Schmitt, Laurie M. Shahon, Colin Smith, Heather E. Tookes and Adrian Weller, were removed from office by Orchestra Borrower LLC (the Escrow Issuer) and replaced with Douglas A. Cifu, the director of the Escrow Issuer as of immediately prior to the Effective Time, all of the company’s officers, which includes Mr. Coleman, Steffen Parratt, Nick Ogurtsov, Phillip Allison, Ryan Primmer, John McCarthy, Michael Blum, Sean Galvin and Greg Tusar, were removed from office by the Escrow Issuer and replaced with Mr. Cifu and Joseph Molluso, the officers of the Escrow Issuer as of immediately prior to the Effective Time, who were appointed as Chief Executive Officer and Chief Financial Officer of the Company, respectively, and in connection with converting the Company from a corporation to a limited liability company, the company will be member-managed by the Escrow Issuer. Prior to their respective appointments, each of Messrs. Cifu and Molluso advised the company that, to the best of his knowledge, he was not currently a director of, and did not hold any position with, the Company or any of its subsidiaries. Douglas A. Cifu became the company’s Chief Executive Officer in July 2017. He currently serves as the Chief Executive Officer of Virtu and previously served as Virtu Financial LLC’s President and Chief Operating Officer and has served on its board of directors since co-founding the firm in April 2008. Joseph Molluso became the company’s Chief Financial Officer and Treasurer in July 2017. He has been the Executive Vice President and Chief Financial Officer of Virtu since November 2013.

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