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Knight completes $1.4B merger with Getco; combined firm will be based in N.J.

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Knight Capital Group said this week it has completed its $1.4 billion merger with Getco Holding Co. LLC and formed a new company, KCG Holdings Inc.

The combined company will be based in Jersey City. Getco had been based in Chicago.

"As one KCG, our focus is on strategically blending human capital with superior technology to create flexible solutions that meet our clients needs," said Daniel Coleman, CEO of the combined company.

KCG emerges as one of the high-frequency trading companies in the world.

The deal was first announced in December, four months after Knight Capital lost $460 million due to a computer glitch. A bidding war ensued for Knight, with Getco eventually coming out on top. The deal was approved by the stockholders of both companies on June 25.

On Wednesday the company said its executive chairman, Tom Joyce, would step down immediately. Joyce had been CEO of Knight Capital at the time of the merger. He's being replaced by Stephen Schuler, a co-founder of Getco, who will become nonexecutive chairman.

Reporter Jared Kaltwasser is @JaredKaltwasser on Twitter.

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