Pan-European trading platform Equiduct has found new strategic investors and revamped its business structure, cutting costs, raising prices, and moving to a mutualized model where it is owned and controlled by its main customers. Equiduct said on Monday that France-based companies BNP Paribas Securities Services and Viel Group, as well as Belgium-based KBC and London-based market maker Winterflood, have joined Knight Capital Group and Borse Berlin in the new ownership structure.The terms of the deal were not disclosed.Hedge fund Citadel LLC, which also has a market making operation, had until recently been one of Equiduct's top investors, but pulled its backing as the platform had not gained as much traction among retail trading firms as had been expected, throwing Equiduct's future into doubt.Equiduct went live in 2007 after European regulation opened the market to competition. The plan was to quickly build market share by offering steep trading discounts as compared to established exchanges, like those run by NYSE Euronext. But its market share of European equities peaked at just over 1 percent and in the past six months has been in the 0.6 percent to 0.8 percent range.
Knight Capital Group, Inc. is a United States-based company that provides financial services. Shares of KCG traded higher by 0.57% or $0.02/share to $3.51. In the past year, the shares have traded as low as $2.24 and as high as $13.51. On average, 1514600 shares of KCG exchange hands on a given day and today's volume is recorded at 1029897.
NYSE Euronext is a global operator of financial markets and provider of trading solutions. Shares of NYX traded higher by 0.89% or $0.34/share to $38.65. In the past year, the shares have traded as low as $22.25 and as high as $38.75. On average, 2018980 shares of NYX exchange hands on a given day and today's volume is recorded at 1374030.
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