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The high-frequency trading firm KCG is up 23% on a report Virtu Financial wants to buy it for $1.2 billion

Portia CroweMar 16, 2017, 01:48 IST

A Specialist trader for Virtu Financial works at a booth on the floor of the New York Stock Exchange April 16, 2015.REUTERS/Brendan McDermid

The e-trading firm Virtu Financial is looking to buy KCG Holdings for $1.2 billion, CNBC reports, citing Dow Jones.

Shares in KCG jumped 23% on the news.

KCG, founded in 2013 and based in New York, does high-frequency trading, electronic execution, institutional sales and trading, and market making.

Virtu, founded in 2008, is one of the largest high-frequency trading firms and operates on a number of exchanges, markets, and dark pools.

More to come...

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