KCG reported a consolidated loss of $11.2 million for 3Q16
KCG, an independent securities firm, has issued an announcement to publish its Third Quarter 2016 Results.
According to the release, the company reported a consolidated loss of $11.2 million, or $0.13 per share, for the third quarter of 2016. The third quarter consolidated loss includes an income tax benefit of approximately $6.1 million or $0.07 per share primarily related to tax deductions and credits generated from the company’s software development activities.
Third Quarter Highlights
- Averaged approximately 30 percent market share of retail SEC Rule 605 U.S. equity share volume among the leading market makers during the quarter
- Averaged approximately 16 percent market share of U.S. ETF share volume from market making and agency-based trading activity during the quarter
- Completed the migration of KCG MatchIt to a new matching engine
- Acquired Neonet Securities AB, an independent agency broker and execution specialist based in Stockholm, Sweden
- Named Mike Blum Chief Technology Officer effective October 1, 2016
Daniel Coleman, Chief Executive Officer of KCG, said, “Market activity quickly died down after a brief post-Brexit flurry to close the second quarter and remained subdued throughout July and August with cautious trading and realized volatility near all-time lows. Despite a modest pickup in September, the trading environment proved challenging for our quantitative trading models. Although KCG’s financial results for the quarter were disappointing, we nonetheless posted strong market share in core segments of the market. In addition, we completed the acquisition of Neonet, which expands KCG’s agency-based electronic trading in Europe ahead of anticipated opportunities from regulatory changes with the implementation of MiFID II.
For the Full Announcement Click HERE
Source: KCG
