Knight Capital gets an Edge

Knight Capital Group Inc. today announced their completed acquisition of EdgeTrade Inc. a privately-held agency-only trade execution and algorithmic software company. The terms of the transaction amounted to $59.5 million, comprising $29.5 million in cash and approximately 2,285,000 shares of unregistered Knight stock. EdgeTrade’s technology gives buy- and sell-side firms the ability to manage their trading activity, source liquidity, maintain anonymity, and lower their transaction costs. Jersey City, New Jersey-based Knight also announced that EdgeTrade's algorithms are now available on its trading platform Knight Direct that is soon to undergo a name change to Knight Direct EMS.