Profit at Getco Holding Co, the high-speed automated trading firm that is buying rival Knight Capital Group Inc for $1.4 billion, plunged 90 percent in 2012 as volumes and volatility declined, according to a regulatory filing released on Monday.Closely held Getco, which plans to go public through the Knight deal, earned $16.2 million in 2012, down from $162.7 million in 2011, and well off its 2008 profit of $430 million.Revenue at the Chicago-based company was down 39.8 percent in 2012, to $551.5 million.The results highlight the pressure on trading firms from a long list of factors, from increased competition and regulatory oversight, to the tepid global economic recovery, low interest rates, and the continued crisis in European debt markets.
Knight Capital Group, Inc. is a United States-based company that provides financial services. Shares of KCG fell by 0.53% or $-0.02/share to $3.72. In the past year, the shares have traded as low as $2.24 and as high as $3.87. On average, 2494830 shares of KCG exchange hands on a given day and today's volume is recorded at 525920.
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