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Knight Capital to acquire Kellogg’s designated and lead market maker businesses

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Knight Capital Group has entered into an agreement to acquire Kellogg Capital Markets’ designated and lead market maker businesses, which make markets in approximately 800 NYSE and NYSE Amex listed securities and 322 NYSE Arca exchange-traded funds. 

Knight anticipates that it will assume Kellogg’s responsibilities across its entire portfolio of NYSE-, NYSE Arca- and NYSE Amex-listed securities as well as Kellogg’s participation in the NYSE Amex UTP programme.

The acquisition will build upon Knight’s electronic market making business by adding another venue in which to make markets.

Kellogg’s designated market maker business will complement Knight’s current liquidity providing activities as a supplemental liquidity provider on NYSE and a NYSE Amex UTP designated market maker.

The addition of Kellogg’s ETF lead market maker business will be incremental to Knight’s electronic market making and institutional ETF sales and trading team.

"The Kellogg acquisition is a natural extension of two of our already successful businesses: electronic market making and ETF trading," says Thomas M. Joyce, chairman and chief executive officer, Knight Capital Group. "We are excited to further our partnership with the NYSE Euronext, a prominent global brand. We also look forward to continuing the strong and meaningful relationships that Kellogg has built with its listed companies."

Kirk Kellogg, chief executive officer of Kellogg Group, says: "I am pleased that Knight will be able to continue Kellogg’s market making tradition on the New York Stock Exchange.  Knight is a well-respected, innovative firm that shares a strong commitment to delivering superior trade execution services. Under Knight’s management, I am confident in the long-term success of our employees and our listed companies."

The closing of the acquisition is subject to customary closing conditions and appropriate regulatory approvals. The purchase price was not disclosed. The acquisition is expected to be completed in the fourth quarter of 2010.

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