One of the Retail Foreign Exchange Dealer (RFED) members that Forex Magnates writes about regarding FX Trading Volumes, Knight Capital Americas LLC, has rebranded under KCG Americas (KCGA), according to a press release today from its parent company KCG Holdings.
The legally renamed entity, under the new KCG Americas name, is also a member of FINRA and a SEC registered broker-dealer, in addition to its RFED status as a CFTC registered futures commission merchant (FCM), and its operations of the KCG HotSpot FX subsidiary, among the other subsidiaries listed under the holding group structure as of January 1st, 2014.
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According to the press release, the name change and consolidation reflect a simplification of KCG’s post-merger, broker-dealer subsidiary structure. Further, the consolidation was noted as generating cost synergies and releases additional capital.
To create KCG Americas LLC, the brokerage operations of GETCO Execution Services LLC (GES) and GETCO Securities, LLC (GTS) were first consolidated into Knight Capital Americas LLC (KCA), then OCTEG, LLC (OCTEG) was merged into KCA, which was subsequently renamed KCG Americas LLC, effective December 31, 2013 after the market close, as per the announcement.
The firm had reported record market-shares for its US executing-brokerage business on the US Stock Markets in 2013 and saw its FX volumes outpace that of the competition during certain months, as flows on major venues shifted.