NewsMine — cabal-elite — international-banking — citigroup — Viewing Item

Citigroup buys knights derivatives unit Original Source Link: (May no longer be active)    http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5910524 http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5910524 Citigroup Buys Knight's Derivatives Unit Mon Aug 9, 2004 07:16 AM ET NEW YORK (Reuters) - Citigroup Inc. (C.N: Quote, Profile, Research) on Monday said it will buy Knight Trading Group Inc.'s (NITE.O: Quote, Profile, Research) derivative markets business for $225 million to expand its market-making abilities in options. For Knight, a leading trader of Nasdaq stocks that has struggled with regulatory investigations and months of weak stock trading volumes, the transaction will allow it to focus on its equity-trading and asset-management businesses. Knight entered the derivatives business in 2000. The purchase includes the operations of two units, Knight Financial Products LLC and Knight Execution Partners LLC. Citigroup, the world's largest financial services company, is also buying Knight's membership rights on the International Securities Exchange, the world's largest equity-options exchange, though Knight will retain its equity investment in that exchange. "Management concluded that Knight's strongest growth opportunities remain in our equity markets and asset management businesses, and that derivative markets has a better opportunity to reach its full potential as part of a larger company," said Thomas Joyce, Knight's chief executive. Knight said it entered the derivatives business in 2000. The purchase is expected to close in the fourth quarter, subject to antitrust and regulatory approvals. Citigroup is based in New York, and Knight in Jersey City, New Jersey. Separately, Knight said it increased the size of its share repurchase program to $250 million from $110 million. Raymond James & Assocs. and the law firm Skadden, Arps, Slate, Meagher & Flom LLP advised Knight on the transaction. Knight shares closed Friday at $8.29 on Nasdaq, not far above their 52-week low of $8.06 touched last month. Citigroup shares closed Friday at $43.19 on the New York Stock Exchange, not far above their year low of $42.55 set late last August.

Citibank bomb in argentina { November 18 2004 } Citibank fires top sector analysts { May 23 2003 } Citibank massive deception hid enron debt { August 27 2004 } Citibank prince to thrown Citigroup buys knights derivatives unit Citigroup chief takes nyse board { September 22 2003 } Citigroup earnings hit 18b year record { January 20 2004 } Citigroup rips off poor debtors { May 28 2004 } Citigroup to grow worldwide Citigroup wants Deutsche Bank { March 18 2004 } Prince replaces weill citigroup Pudong bank allows citi investment World biggest bank citigroup profits from outside US Files Listed: 13

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.