Speed Trading Pioneers Take Step Toward Paring Their KCG Stakes
This article is for subscribers only.
The founders of high-frequency trading pioneer Getco took a step toward selling almost 6 million shares of KCG Holdings Inc., the broker-dealer formed when their company saved a struggling brokerage.
Trusts and an investment firm tied to Daniel Tierney and Stephen Schuler set up programs letting the former Getco executives sell 3 million and 2.75 million KCG shares, respectively, during the next year. Both would retain millions of shares even if the plans were executed completely, according to Securities and Exchange Commission filings on Tuesday.