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Knight Capital Acquires Futures Arm of Penson

Knight Capital is set to acquire Penson Futures, a division of the Penson Financial Services firm.

The institutional broker and market maker is moving into the industry because “futures trading is increasingly moving toward an electronic, exchange-based model, says Tom Joyce, Knight Capital chairman and CEO.

“With the acquisition of Penson Futures, Knight fills a strategic gap in the client offering with a top 30 FCM in the US. We’re excited to extend our offering to include futures with a range of products from physical commodities to financial instruments by bringing aboard a quality team and applying our own considerable strengths.”

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