Knight CEO - No Sales Unless For Good Of Firm

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Thomas Joyce, moving to reassure Knight Capital employees after a report that it might get offers for its biggest unit, told them capital levels are strong and no deal will be done unless it makes sense for the company, according to a person briefed on the matter.

Bloomberg reports that Joyce, Knight’s CEO, said in an e-mail to staff that included talking points for clients that he expects business as usual with no need for additional cash and that the company is operating at full capacity, according to the person, who requested anonymity because the communication was private.

The Wall Street Journal reported earlier that Getco LLC and Virtu Financial LLC may bid for Knight’s market-making unit. It cited unidentified people familiar with the matter.

'Getco and Virtu would definitely be interested in the market-making business and the retail order flow', Richard Repetto, a New York-based analyst at Sandler O’Neill & Partners LP, said in a phone interview. 'If they sold the market-making business, it would make sense to sell simultaneously the other assets to them or somebody else. They don’t have a company once they sell that business. It’s the mainstay'.

Hit the link below to access the complete Bloomberg article:

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