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Direct Edge

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Direct Edge

History:

The firm began in 1998 as Attain ECN. In 2005 it was purchased by Knight Capital Group, re-branded and introduced as Direct Edge ECN. In 2007, Knight spun Direct Edge off as an independent company bringing on Citadel Securities and Goldman Sachs as partners. As part of the spin-off, new management was brought in led by former NASDAQ executive William O'Brien.

By August 2008, Direct Edge had substantially increased its market share, capturing 6% of all U.S. equity execution volumes. That month, the firm announced a deal (that closed in December 2008) in which the International Securities Exchange (ISE) took a 31.5% ownership of Direct Edge, diluting the shares of Knight, Citadel, and Goldman to just under 20%. As part of the deal, Direct Edge took operational control of the ISE Stock Exchange. The Direct Edge brand was retained and management was kept intact. A year following the announcement of the ISE deal, the firm had doubled its market share to over 12%.

On March 12, 2010, the U.S. Securities and Exchange Commission granted Direct Edge approval to convert both ECN platforms into full-fledged licensed stock exchanges. In July 2010, Direct Edge successfully transitioned to full exchange status, decommissioning the ISE Stock Exchange and the EDGA and EDGX ECNs, moving trading to its brand new exchange platforms.

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