Short-Term Trading Pioneer Schonfeld Group Completes ETG Acquisition.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- -- Schonfeld Continues Consolidation of Trading Industry That Started with 2002 Acquisitions of Heartland Securities and Broadway Trading, Recently Trinix Securities -- Schonfeld Group, a leading proprietary and retail trading and investments firm, today announced the closing of its acquisition of trading firm Electronic Trading Group (ETG ETG Enter the Game (gaming chat network) ETG Expert Task Group ETG Enabling Technologies Group (Phillips Company) ETG Episode Treatment Groups (Symmetry Health Data Systems, Inc. ), LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , furthering the active trading industry consolidation that Schonfeld has spearheaded over the past three years. Adding a combination of 240 retail (150) and proprietary traders (90) to the Schonfeld fold, ETG was one of the largest remaining independent professional trading firms and the latest acquisition in a string of deals that includes Heartland Securities, Broadway Trading and Trinix Securities. As a result of the transaction, Schonfeld Group's 1,100 active traders now trade approximately 140 - 150 million shares per day, or 2-4% of all listed and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). volume - a number that dwarfs the trading activity of online companies like E*Trade and Ameritrade. Schonfeld's 1,100 traders are evenly split between retail and proprietary traders - the former being an area of the business Schonfeld Group has grown 3,000% in the last three years. "We believe in the strength of the trading business and the advantages of scale and are pleased to see that belief further validated by strong market conditions and rampant consolidation in the online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. space," commented Steven Schonfeld, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Schonfeld Group. "We will continue to be active to that end." Schonfeld Group Schonfeld Group is a leading proprietary and retail professional trading and investments firm. A professional trading pioneer, the company's businesses include leadership positions in both the retail and proprietary trading Proprietary Trading When a firm trades for direct gain instead of commission dollars. Essentially, the firm has decided to profit from the market rather than commissions from processing trades. communities, clearing services, and a focus on alternative investments including hedge funds and private equity. You can find Schonfeld Group on the internet at www.schonfeld.com. |
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