Getco LLC, an electronic market maker and high-frequency trading specialist, on Wednesday said it agreed to purchase Bank of America Corp's floor-trading operations at the New York Stock Exchange, significantly expanding its market-making operations. Terms were not disclosed. Getco said the transaction will make it the second-largest NYSE-designated market-maker, responsible for trades in about 650 companies and 850 securities.Among the companies it would be responsible for are blue-chip names such as Coca-Cola Co, General Electric Co and McDonald's Corp.The transaction will leave just four designated market makers at the exchange: Getco, Barclays Plc, Goldman Sachs Group Inc and Knight Capital Group Inc. Barclays is the largest.They had been preceded by so-called specialists, which according to the NYSE numbered 25 as recently as 2000, but the need for human traders has declined as the Big Board moved toward an electronic model.
Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management. Shares of BCS traded higher by 10.74% or $1.13/share to $11.65. In the past year, the shares have traded as low as $8.38 and as high as $21.69. On average, 6194710 shares of BCS exchange hands on a given day and today's volume is recorded at 5901501.
General Electric Company (GE) is a diversified technology and financial services corporation. Shares of GE traded higher by 6.64% or $0.99/share to $15.91. In the past year, the shares have traded as low as $14.02 and as high as $21.65. On average, 70908704 shares of GE exchange hands on a given day and today's volume is recorded at 98619776.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a financial holding company. Shares of GS traded higher by 7.94% or $7.05/share to $95.86. In the past year, the shares have traded as low as $84.27 and as high as $175.34. On average, 7880050 shares of GS exchange hands on a given day and today's volume is recorded at 10872949.
Knight Capital Group, Inc. (Knight) is a global financial services firm that provides access to the capital markets across multiple asset classes to a network of customers, including buy- and sell-side firms and corporations. Shares of KCG traded higher by 7.31% or $0.86/share to $12.63. In the past year, the shares have traded as low as $10.25 and as high as $14.72. On average, 1869810 shares of KCG exchange hands on a given day and today's volume is recorded at 1754623.
