the knight capital group was an american global financial services firm engaging in market making , electronic execution , and institutional sales and trading .

with its high-frequency trading algorithms knight was the largest trader in u.s. equities , with a market share of 17.3 % on nyse and 16.9 % on nasdaq .

the company agreed to be acquired by getco llc in december 2012 after an august 2012 trading error lost $ 460 million .

the merger was completed in july 2013 , forming kcg holdings .

knight capital group

knight capital group and ise announce knight’s purchase of competitive market maker trading rights on ise . knight capital group .
the company was founded in 1995 under the name knight / trimark group and was renamed knight trading group in 2000 and later renamed knight capital group in 2005 .
press release of knight capital group , inc . issued on august 2 , 2012
press release of knight capital group , inc . issued on august 2 , 2012
kellogg capital markets was named dmm for knight capital group on 25 may 2010 and charles schwab on 5 march 2010 .
knight ' s non - u . s . broker - dealer subsidiaries are knight capital europe limited and knight capital asia limited .
traders work at a knight capital group inc . post on the floor of the new york stock exchange .
knight capital group ( kcg ) was behind a series of bizarre moves in otherwise thinly traded stocks early wednesday .
knight capital group to transfer listing to nyse , cross - list on nyse euronext . benzinga / pr newswire .
a teetering knight capital group announced a $ 400 million deal on monday with a group of investors that keeps the company in business , but comes at a huge cost to investors .
berkeley point capital is the leading source of capital solutions for multifamily owners and operators .
knight will merge knight capital markets llcand knight libertas llc into knight equity markets , l . p . , which will be renamed knight capital americas , l . p . similarly , knight will merge knight bondpoint , inc . and knight direct llc into knight clearing services llc , which will be renamed knight execution & clearing services llc .
forms successor subsidiaries knight capital americas , l . p . and knight execution & clearing services llc
tom joyce , chairman and chief executive officer , knight capital group , said this was the best possible deal his firm could get under the circumstances .
knight capital group is to acquire kellogg capital markets ' designated and lead market maker businesses , which make markets in approximately 800 nyse and nyse amex listed securities and 322 nyse arca exchange - traded funds .
the knight capital group announced on thursday that it lost $ 440 million when it sold all the stocks it accidentally bought wednesday morning because a computer glitch .
knight capital group is to acquire kellogg capital markets’ designated and lead market maker businesses , which make markets in approximately 800 nyse and nyse amex listed securities and 322 nyse arca exchange - traded funds ( etfs ) .
[ … ] one of the infamous story is of knight capital group’s deployment fiasco and continued lack of action . link for more details : urltoken [ … ]
knight insurance group is a provider of capital support and underwriting capability for niche insurance program business . knight partners with mga and program administrators to distribute admitted and non - admitted programs through knight specialty insurance company and knightbrook insurance company .
knight is part of the $ 6 billion , privately held hankey group of companies , a los angeles - based financial services group comprised of seven operating companies with 2 , 300 employees .
knight capital group ( nyse euronext : kcg ) is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients , including buy - and sell - side firms , and corporations . knight is headquartered in
joyce’s effort came a day before the company said it would book a $ 440 million loss from the software snafu , necessitating a $ 400 million capital injection that came monday from a group of investors including jefferies group inc .
when it comes to lethal bugs , the computer glitch that set fire to $ 440 million of knight capital group ' s funds last wednesday ranks right up there with the tsetse fly .
, chairman and chief executive officer , knight capital group .
rationalizing the u . s . corporate structure is a move toward simplifying the organization and presentation of the client offering .
knight capital group was created in january 2000 resulting from the knight / trimark group , inc . and roundtable partners , llc [ 2 ] . nite is headquartered in jersey city , nj and employs 868 full - time employees with 10 % in the united kingdom and the remainder in the united states . [ 3 ]
knight capital group was launched in 1995 as knight / trimark group as a trade execution provider serving global national and regional broker - dealers , online brokers , funds , trusts and endowments . [ 2 ] the firm began trading on the nasdaq exchange in 1998 , changed its name two years later to knight trading group and then again to knight capital group in 2005 . [ 3 ] its global markets ( trade execution ) division , knight securities , has headquarters in jersey city , nj and offices in 11 other u . s . cities plus london and singapore , while its asset management ( deephaven ) division is headquartered in minnetonka , mn with offices in hong kong and london .
the level of trading activity was off the charts and at the center of it all was knight capital .
( reuters ) - knight capital group kcg . n reported a third - quarter net loss due to a glitch on august 1 that forced the electronic trader to take on additional investors to avoid bankruptcy .
j . v . b . financial group , llc member finra , sipc all rights reserved .
correction : august 2 , 2012 an earlier home page headline about the knight capital group developments referred incorrectly to the company as a hedge fund . it is , as the article correctly notes , a trading firm .
a trader works at the knight capital group inc . booth on the floor of the new york stock exchange ( nyse ) in new york , u . s . , on tuesday , aug . 7 , 2012 .
new york ( reuters ) - knight capital group inc looks set to enter into a $ 400 million financing deal with a group of investors , allowing the trading firm to open its doors monday after a crippling $ 440 million loss , although it will come at a steep cost to shareholders , sources familiar with the situation said .
jersey city , new jersey ( august 2 , 2012 )  knight capital group , inc . ( nyse euronext : kcg ) today provided an update on the august 1 , 2012 disruption to routing in nyse - listed securities .
kellogg capital markets is a subsidiary of kellogg group , a privately - held financial services organisation which also operates an institutional broker - dealer servicing customers across a range of securities and services .
knight capital group is an american global financial services firm engaging in market making , electronic execution , and institutional sales and trading . in 2012 knight was the largest trader in us equities with market share of around 17 % on each the nyse and nasdaq . knight’s electronic trading group ( etg ) managed an average daily trading volume of more than 3 . 3 billion trades daily , trading over 21 billion dollars…daily . that’s no joke !
ara focuses exclusively on the brokerage , financing and capital sourcing of multihousing properties .
nkf capital markets sells delray beach medical office building for $ 9 . 75 million
the capital lifeline is coming from investors that include private equity firm blackstone group , chicago market - maker getco - in which private equity firm general atlantic is a shareholder - as well as financial services firms td ameritrade , stifel nicolas , jefferies group inc and stephens inc , according to the sources .
[ … ] knight capital group hier ein blogeintrag was ( technisch ) schief lief : urltoken …utionary - tale / ( eigentlich das selbe wie lancelot bereits vor 2 1 / 2 jahren geschrieben hat . ich hab ' s trotzdem [ … ]
washington ( marketwatch ) — knight capital group inc . was forced to keep more than 100 bad trades that sent the market - maker near the edge of bankruptcy because of securities and exchange commission rules adopted after the 2010 ‘flash crash . ’
knight capital group ( nyse euronext : kcg ) is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients , including broker - dealers , institutions and corporations . knight is headquartered in jersey city , n . j . with a global presence across the americas , europe , and the asia pacific regions . for further information about knight , please visit urltoken .
knight capital ' s computer bug cost the firm $ 440 million , making it one of history ' s most expensive software glitches .
on dec . 8 , 2009 , knight capital group announced that knight equity markets , l . p . would become a competitive market maker ( cmm ) on ise ’s options exchange effective in the first quarter of 2010 . knight purchased ten cmm trading rights from td options , llc that cover every options class listed on that exchange . [ 4 ]
on aug . 3 , 2012 , shares of knight capital group inc . soared 65 percent in afternoon trading after td ameritrade holding corp . said it would resume routing client trades to knight in a sign that customer confidence in the jersey city - based market - making firm was returning . [ 10 ]
knight capital group ( nyse euronext : kcg ) is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients , including buy - and sell - side firms , and corporations . knight is headquartered in jersey city , n . j . with a growing global presence across the americas , europe , and the asia pacific region . for further information about knight , please visit urltoken .
mr . zucker brings more than 17 years of industry experience to jvb financial in high yield and distressed trading . most recently mr . zucker served as a high yield and distressed trader at the brownstone investment group . previously mr . zucker held the same position at knight capital group , and built morgan stanley smith barney’s special situations group , focusing on providing the top fixed income - producing financial advisors with trade ideas and execution . mr . zucker has a bachelor of arts in history from williams college .
knight capital group , inc . ( nasdaq : nite ) is a leading financial services firm that provides electronic and voice access to the capital markets across multiple asset classes for buy - side , sell - side and corporate clients , and asset management for institutions and private clients . our global markets business offers superior execution quality through natural liquidity , capital facilitation and trading technology , with comprehensive products and services that support the capital formation process . our asset management business , deephaven capital management , is a global multi - strategy alternative investment manager focused on delivering attractive risk - adjusted returns with low correlation to the broader markets . more information about knight can be found at urltoken
today , knight ' s press release says that the company ' s capital base has been
severely impacted
but that
the company ' s broker / dealer subsidiaries are in full compliance with their net capital requirements .
jersey city , n . j . , aug . 2 , 2012 / prnewswire / - - knight capital group , inc . ( nyse euronext : kcg ) today provided an update on the august 1 , 2012 disruption to routing in nyse - listed securities .
nkf capital markets sells lake city shopping center and land outparcel for $ 18 . 25 million
nkf capital markets arranges $ 18 . 3m sale of shopping center , outparcel in north florida
days later , with the future of knight in jeopardy , several companies stepped in with a $ 400 million investment to keep it afloat . the investors included blackstone group lp (
knight capital group was a firm offering market - making and trade execution to broker - dealers and institutional investors . it was acquired by getco in the summer of 2013 after a technology problem caused knight to lose $ 440 million in one day . the merged entity was re - named kcg holdings inc . [ 1 ]
shares of knight capital closed down 63 percent , at $ 2 . 58 , on thursday . on wednesday , the shares fell 32 percent .
knight capital ' s board met in the final months of 2012 to assess takeover offers from getco llc and virtu financial llc . [ 12 ]
“they really are handcuffed to knight , ” a source with knowledge of td ameritrade’s arrangements with knight said .
kirk kellogg , chief executive officer of kellogg group , said , “under knight’s management , i am confident in the long - term success of our employees and our listed companies . ”
. although the company ' s capital base has been severely impacted , the company ' s broker / dealer subsidiaries are in full compliance with their net capital requirements . knight will continue its trading and market making activities at the commencement of trading today . the company is actively pursuing its strategic and financing alternatives to strengthen its capital base .
source knight capital group , inc . contact : margaret wyrwas , senior managing director , corporate communications & investor relations , + 1 - 201 - 557 - 6954 , mwyrwas @ urltoken ; or kara fitzsimmons , director , media relations , + 1 - 201 - 356 - 1523 , kfitzsimmons @ urltoken ; or jonathan mairs , vice president , corporate communications , + 1 - 201 - 356 - 1529 , jmairs @ urltoken , all of knight capital group , inc . / / web site : http : / / www . urltoken / ( nite )
even if knight receives the capital injection , it will have to persuade clients to resume trading with it and identify the reasons behind the software glitch .
that ' s when investors blackstone group , td ameritrade , getco and stifel nicolaus stepped in and bought $ 400 million of 2 % convertible preferred stock . the deal can get them roughly 267 million common shares at about $ 1 . 50 apiece . that ' s a big blow to knight capital group shareholders who will see their stock diluted but it ' s a better alternative than , say , bankruptcy .
( nyse euronext : kcg ) today announced the consolidation of u . s . broker - dealer subsidiaries into two entities , knight capital americas , l . p . and knight execution & clearing services llc , effective
last week a trading system error hit knight capital so hard that there was talk of a possible bankruptcy . the algorithmic error caused erratic trading activity and left the firm with billions of dollars in unwanted securities . goldman sachs stepped in first and helped knight unwind those positions but the firm still needed a capital infusion .
fnfv announces $ 47 . 4 million additional capital investment in ceridian | fidelity national financial , inc .
a knight capital logo is seen on a trader ' s jacket on the floor of the new york stock exchange august 1 , 2012 . reuters / brendan mcdermid
knight capital group said the problem was triggered when it installed new trading software , which resulted in the company sending numerous erroneous orders in 140 stocks listed in the new york stock exchange . those orders were behind some sudden swings in stock prices and surging trading volume shortly after the market opened on wednesday .
the publicly traded market - making firm knight capital group owns 51 percent of deephaven , with the rest in the hands of three senior partners , matthew nunn , colin smith and shailesh vasundhra . the senior partners bought back a 49 percent stake in deephaven from knight last january . provisions of that deal call for knight to receive virtually all of the proceeds from the sale to stark , according to a person close to the firm .
[ … ] was “45 minutes of hell” . on august 1st 2012 , knight capital went from having $ 365 million in available cash to $ 460 million [ … ]
traders from knight capital watch ceo thomas joyce give a television interview from the company ' s post on the floor of the new york stock exchange august 2 , 2012 .
knight has traded out of its entire erroneous trade position , which has resulted in a realized pre - tax loss of approximately $ 440 million . although the companys capital base has been severely impacted , the companys broker / dealer subsidiaries are in full compliance with their net capital requirements . knight will continue its trading and market making activities at the commencement of trading today . the company is actively pursuing its strategic and financing alternatives to strengthen its capital base .
in february , bgc announces the successful completion of its tender offer for the shares of gfi group that it does not own . gfi group is a leading intermediary and provider of trading technologies and support services to the global otc and listed markets . this transaction represents the largest acquisition in bgc’s history .
new york , ny ( may 29 , 2018 ) — newmark group , inc . ( nasdaq : nmrk ) ( “newmark” or “the . . .
[ … ] because it helps us deal with deployment risks and move away from the big - bang deployments associated with monolithic systems ( a case in point being the knight capital group tragedy ) . [ … ]
kellogg group is a privately - held , financial services organization which operates a leading market maker , and an institutional broker - dealer servicing customers across a broad spectrum of securities and services through its subsidiaries kellogg capital markets , llc and kellogg partners institutional services , llc .
.
the array of participants in this capital infusion underscores knight ' s critical role in the capital markets . with our financial position strengthened and liquidity restored , we will continue to provide clients with trading in a broad range of securities , high - quality execution and outstanding client service .
knight capital americas , l . p . and knight execution & clearing services llc are registered with the sec and are members of finra and other sros . in addition , knight ' s u . s . broker - dealers are members of all major domestic exchanges and marketplaces covering stocks , options and futures .
knight has traded out of its entire erroneous trade position , which has resulted in a realized pre - tax loss of approximately $ 440 million . although the company ' s capital base has been severely impacted , the company ' s broker / dealer subsidiaries are in full compliance with their net capital requirements . knight will continue its trading and market making activities at the commencement of trading today . the company is actively pursuing its strategic and financing alternatives to strengthen its capital base .
that left knight scrambling for financing . it got lucky and found it . but dan seiver , a finance professor at san diego state university says there ' s still something to be learned from the knight capital fiasco despite its relatively organized rescue .
the losses are threatening the stability of the firm , which is based in jersey city . in its statement , knight capital said its capital base , the money it uses to conduct its business , had been “severely impacted” by the event and that it was “actively pursuing its strategic and financing alternatives . ”
investors are obviously worried , and knight even acknowledges ( also in the press release ) that it ' s
actively pursuing its strategic and financing alternatives to strengthen its capital base .
knight capital group , inc . ( nyse euronext : kcg ) today announced that it has entered into an agreement to acquire kellogg capital markets ' ( kellogg ) designated and lead market maker businesses , which make markets in approximately 800 nyse and nyse amex listed securities and 322 nyse arca exchange traded funds ( etfs ) . knight anticipates that it will assume kellogg ' s responsibilities across its entire portfolio of nyse - , nyse arca - and nyse amex - listed securities as well as kellogg ' s participation in the nyse amex utp program .
knight also announced that edgetrade ' s algorithms , including smart order execution , benchmark and participation strategies , are now available on its broker - neutral trading platform knight direct . further , knight will change the name of knight direct , which provides clients with access to liquidity by means of multiple destinations across multiple asset classes , to knight direct ems™ .
jersey city , n . j . , march 30 , 2010 / prnewswire via comtex / - - knight capital group , inc . ( nasdaq : nite ) , today announced that it has agreed to acquire urban financial group , inc . , a privately - held , independent mortgage company . an originator of direct and brokered residential mortgage loans , urban financial is a major provider of home equity conversion mortgages ( hecm ) , or reverse mortgages , in the u . s . terms of the acquisition were not disclosed .
knight capital group , inc . ( nasdaq : nite ) is global financial services firm that provides market access and trade execution services across multiple asset classes to buy - and sell - side firms . knight ' s hybrid market model features complementary electronic and voice trade execution services in global equities and fixed income as well as foreign exchange , futures and options . the firm is the leading source of liquidity in u . s . equities by share volume . knight also offers capital markets services to corporate issuers . knight is headquartered in jersey city , nj with a growing global presence across north america , europe and the asia - pacific region . for more information , please go to urltoken .
knight capital touts its significance in the world of high - frequency trading . earlier this year , the firm announced that it had enhanced its
sumo algorithm
to execute trades even faster .
if the climax of knight capital ' s ( nyse : kcg ) story is a piece of trading software going disastrously haywire , the beginning was the trading giant trying to defend its turf .
we ' re extremely pleased to join knight as the enhanced capital will allow urban financial to increase origination activities and expand the product offering . we look forward to working with knight ' s fixed income team to build hmbs issuance ,
mr . hendershot said .
mr . moore has more than 14 years of industry experience in high yield and distressed trading . most recently mr . moore served as a high yield and distressed trader at the brownstone investment group . previously mr . moore worked in dealer sales at knight capital group , as well as worked for morgan stanley smith barney in new york , san francisco and the u . k . , assisting the firm’s broker - dealers and private bank clients with fixed income solutions . mr . moore has a bachelor of arts in economics from williams college .
[ … ] 2014 , a company called knight capital lost $ 440 million in 45 minutes and disrupted the stock market , all due to a failed deployment . due to technical debt [ … ]
with the knight capital disruption , more than 20 stocks were involved . the nyse and nyse mkt said it cancelled trades in six stocks because they were 30 % or more away from reference price .
knight capital faces a $ 440 million pre - tax loss and its stock opened 53 % lower at today ' s open after an algorithmic glitch sent almost 150 stocks wild at yesterday ' s open .
on may 12 , 2010 , knight capital group announced the pending transfer of its listing of common stock to the new york stock exchange ( nyse ) , as well as the cross - listing of its common stock on the professional segment of the paris market of nyse euronext . knight ' s common stock began trading on nyse euronext in the u . s . and paris under ticker symbol
kcg
on may 25 , 2010 . [ 5 ]
“the kellogg acquisition is a natural extension of two of our already successful businesses : electronic market making and etf trading , ” said thomas joyce , chairman and ceo of knight capital group . “we are excited to further our partnership with the nyse euronext , a prominent global brand . we also look forward to continuing the strong and meaningful relationships that kellogg has built with its listed companies . ”
on the other hand , thanks to the new investors , knight is still a going concern today . as tom joyce told cnbc not long after the investment was announced ,
our financial footing is arguably better than it was . as far as i ' m concerned it ' s business as usual at knight capital group .
and not only does knight have a shot at recovery , but it ' s taking that shot with a bunch of deep - pocketed investors behind it and one of its key customers ' ceos on its board .
about micromega securities proprietary limited founded in 1991 , micromega securities proprietary limited offers interdealer brokerage services in fixed income , rates and foreign exchange products via its three operating subsidiaries : ttsa securities ( pty ) ltd , sa international & capital market brokers ( pty ) ltd and micromega africa money brokers ( pty ) ltd . the group operates from its office in johannesburg . ttsa securities and sa international & capital market brokers are regulated in south africa by the johannesburg stock exchange . sa international & capital market brokers and micromega africa money brokers are approved by the south african reserve bank for fx trading .
: kcg ) is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients , including broker - dealers , institutions and corporations . knight is headquartered in
( ap )  it ' s turning out to be one costly glitch . a technical problem that briefly threw dozens of stocks into chaos wednesday will cost knight capital group $ 440 million , the trading firm said thursday . knight ' s own stock plunged for a second day , erasing 75 percent of its value in two days . the company also said it is pursuing ways to raise money to fund the expense , raising questions about the firm ' s viability . and at least two financial institutions announced they had halted trading with knight , at least temporarily .
in case you missed it , shortly after the opening bell rang yesterday there were some wild swings in a bunch of nyse - listed stocks caused by a trading glitch at knight capital ' s market - making desk .
knight board said meeting next week to study getco , virtu offers . bloomberg .
kirk kellogg , chief executive officer of kellogg group , said ,
i am pleased that knight will be able to continue kellogg ' s market making tradition on the new york stock exchange . knight is a well - respected , innovative firm that shares a strong commitment to delivering superior trade execution services . under knight ' s management , i am confident in the long - term success of our employees and our listed companies .
[ … ] are yet to see that it will bring value to them and their customers businesses . the story about how knight’s electronic trading group ( etg ) lost nearly $ 400 million in about 45 minutes , where the fault was placed with their deployment [ … ]
the closing of the acquisition is subject to customary closing conditions and regulatory approvals . the acquisition is expected to be cash flow positive immediately following the close and accretive to earnings per share in 2010 . upon the close , urban financial will operate as a wholly - owned indirect operating subsidiary of knight capital group , inc . urban financial is an equal housing lender and a member of the national reverse mortgage lenders association .
all of which was critical for the firm to avoid extinction . knight capital’s stock is down roughly 70 % for the month to $ 3 . 12 a share , down from its tuesday close of $ 10 . 33 .
in an increasingly fragmented marketplace , buy - and sell - side firms want sophisticated algorithms that facilitate anonymous and efficient trading ,
said thomas m . joyce , chairman and chief executive officer , knight capital group .
the edgetrade acquisition clearly strengthens our electronic trade execution services in 2008 . we ' re pleased to note the integration is underway and are excited about the future development of our next generation algorithms .
the kellogg acquisition is a natural extension of two of our already successful businesses : electronic market making and etf trading ,
said thomas m . joyce , chairman and chief executive officer , knight capital group .
we are excited to further our partnership with the nyse euronext , a prominent global brand . we also look forward to continuing the strong and meaningful relationships that kellogg has built with its listed companies .
[ … ] devops isn’t a panacea for building better software . witness the issues at knight capital , where they went from having $ 364mm in assets to losing $ 460mm in 45 minutes . mostly because of a [ … ]
newmark knight frank is one of the largest full - service commercial real estate firms in the united states . we offer a broad range of real estate capital markets services , including investment sales and access to debt and equity financing .
when you’re approved for an mca , we’ll notify you of the terms and present you with an offer . when you accept the offer , knight capital funding will transfer the cash advance directly to your bank account the day you accept .
in may of 2012 , knight capital acquired the futures division of penson financial services , a subsidiary of penson worldwide , inc . , and renamed it kcg futures . through this acquisition , knight also assumed penson ' s seats and memberships at exchanges including : cbot , kcbot , nyse euronext and eurex . [ 6 ]
on july 31 , 2012 knight had approximately $ 365 million in cash and equivalents .
and says it expects to incur significant costs beyond that for system upgrades and legal battles . investors say their actual losses are much higher that what nasdaq plans to cover ; knight capital , for example , says it lost $ 35 million .
why orchestration ? it is worth following the story of knight capital to realize the need of orchestration . this high speed trading company lost nearly $ 400 million dollars within 45 minutes . this was caused by a human error in manual deployment… .
desperate to keep the company afloat , knight capital ceo thomas joyce spoke with sec chairman mary schapiro wednesday about having its erroneous trades cancelled . citing sec rules , schapiro effectively turned him down , according to a person familiar with the agency .
“we recognize the opportunity to increase gfi’s footprint in the south african and the wider african marketplace by formally bringing micromega securities and its talented team into gfi , ” said colin heffron , ceo of gfi group .
urban financial is a growing company with a solid product offering that originates loans nationwide through branch offices and independent brokers ,
said thomas m . joyce , chairman and ceo , knight capital group .
we ' re excited by the potential to establish a steady new issue pipeline that generates healthy revenues end - to - end . in particular , reverse mortgages packaged as hmbs are popular among institutions because of the attractive rates relative to the risks involved .
knight makes markets and trades in more than 19 , 000 u . s . equities .
knight also could face litigation from shareholders who have seen the value of their holdings plummet .
many online brokerage firms route trading orders from their retail customers to knight capital . after the knight disruption , some of these brokerage firms reportedly suspended and later resumed sending a portion of their customer orders to the embattled jersey city , n . j . - based firm . read david weidner ' s column about how electronic trading failed the marketplace
on aug . 1 , 2012 , knight capital ' s market - making unit suffered a technology problem that affected the routing of trades on around 150 stocks on the new york stock exchange . [ 7 ] the following day , aug . 2 , 2012 , knight acknowledged that it expected the previous day ' s algorithmic glitches to cost $ 440 million , and that the firm was
seeking ways to strengthen its capital base .
[ 8 ] over the course of two days , knight capital ' s stock lost over 66 percent of its value . knight blamed software installed on its system for errors entering millions of trades in less than an hour as the market opened the next day . the errant trades were routed to the new york stock exchange , which started operating a new trading platform designed to attract trades from individual investors . [ 9 ]
jefferies led the offering and has been engaged with knight since a software glitch on wednesday caused knight to buy unwanted positions in about 148 stocks , eventually prompting a $ 440 million loss .
until this week , knight had been one of the biggest beneficiaries of the evolution of the market , helping clients trade in and out of stocks at high speeds . the firm was responsible for 11 percent of all trading in american stocks between january and may , according to adam sussman at the data company tabb group .
on thursday , knight said that none of its customers had been hurt by the errant trades .
knight capital group ( nasdaq : kcg ) executes stock trades ( ie , completes the buy or sell ) for asset management companies such as mutual funds , hedge funds , and retail brokerages . nite executes both u . s . and international trades in securities such as equities , futures , options , fixed income on both us and foreign exchanges . nite profits from this line of business from both flat fees for its services and from investments nite makes when it makes a market for a client .
[ … ] i chat with some dev afterwards about release engineering practices at their companies , and the struggles they have to craft professional software with best practices . as a former manager i know what it’s like when a software professional wants to over engineer the hell out of something , and as a software engineer i’m also aware of the evils of premature optimization . and , an engineering slip - up in release management and deployment can bankrupt your company – just ask knight capital group . [ … ]
as the program continued its ill - fated test run , knight’s fast buys and sells moved prices up and attracted more action from other trading programs . this only increased the amount of losses resulting from their trades to the point where , at the end of the debacle 45 minutes later , knight capital had lost $ 440m and was teetering on the brink of insolvency .
of the potential outcomes for knight following the trading glitch , this one is far from the worst .
must be hell of a release engineer , took knight to leading trader just by doing manual deployment .
knight ' s fixed income team provides institutional clients with research , sales and trading across a broad range of securities that include high yield / distressed , investment grade / crossover , bank loans , hybrid securities , abs / mbs , convertible bonds , municipals , taxable municipals and corporate / sovereign emerging markets debt . in addition , knight offers capital markets services covering equity and debt securities .
if you think you can’t get business capital without a loan , think again . a merchant cash advance is not a loan . rather , it is a payment that your business receives , up front , for the purchase of accounts receivable that your business will generate in the future . that’s right , knight capital will buy a fixed amount of receivables that your business will generate and will pay you up - front , in a lump sum , for those receivables .
jersey city , n . j . , jan . 15 / prnewswire - firstcall / - - knight capital group , inc . ( nasdaq : nite ) today announced the completion of the acquisition of edgetrade inc . , a privately - held firm for $ 59 . 5 million comprising $ 29 . 5 million in cash and approximately 2 , 285 , 000 shares of unregistered knight stock . edgetrade is a leading agency - only trade execution and algorithmic software firm that allows buy - and sell - side clients to more effectively source liquidity and manage the trading process as well as maintain anonymity , reduce market impact and lower transaction costs .
as previously disclosed , knight experienced a technology issue at the open of trading at the nyse yesterday , august 1st . this issue was related to knights installation of trading software and resulted in knight sending numerous erroneous orders in nyse - listed securities into the market . this software has been removed from the companys systems .
some online foreign - exchange trading firms also looked into the possibility of buying knight’s hotspot fx unit , but it was unclear whether knight explored that avenue , a source familiar with those discussions said . knight had also been in talks with restructuring lawyers as it tried to keep its options open , another source said .
the new york stock exchange said wednesday morning that it was examining unusual trades in about 140 stocks . later in the day it canceled trades of six smaller stocks that had wide swings , including wizzard . knight capital said thursday the software had been removed and that clients were not negatively affected .
as the nation’s largest provider of retail market - making in new york stock exchange and nasdaq - listed stocks , knight buys and sells shares for clients . it also provides liquidity to the equity market by stepping in to buy and sell using its own capital to ensure orderly , smooth activity .
as a matter of policy , knight does not comment on interactions with shareholders or shareholder activities including filings .
knight capital , which said it lost around $ 30 million because of nasdaq ' s ( ndaq ) trading glitch on facebook ' s ( fb ) opening day , can ' t point fingers at that exchange this time around , since the halted trades were executed on the nyse ( nyx ) .
e - trade financial and vanguard said they were not routing trades through knight for the time being , but would continue to assess the situation . vanguard spokesman john woerth called knight
a longtime and valued partner .
the filing did not name the investors . but according to a person familiar with the matter , the consortium of buyers include getco , the investment bank jefferies & co . , blackstone group , and the brokerages td ameritrade , stephens inc . , and stifel nicolaus .
the deal is expected to close later monday morning and came to light after knight weighed a variety of offers .
as previously disclosed , knight experienced a technology issue at the open of trading at the nyse yesterday , august 1st . this issue was related to knight ' s installation of trading software and resulted in knight sending numerous erroneous orders in nyse - listed securities into the market . this software has been removed from the company ' s systems .
as the nation ' s largest provider of retail market - making in new york stock exchange and nasdaq - listed stocks , knight buys and sells shares for clients . it also provides liquidity to equity markets by stepping in to buy and sell stocks , using its own capital to ensure orderly , smooth activity .
while shareholders will suffer the knight capital screw - up is a far from the recent wall street blow - ups including mf global and peregrine where clients lost money . here we have a firm that blew itself up and stitched itself back together at the expense of shareholders - - not taxpayers , not clients .
the big take away for investors is that a computerized trading program was at the center of a glitch so big that knight didn ' t have enough capital to take the losses it created . look how easily the system can blow up without human intervention . that ' s scary ,
says seiver .
knight ' s financial position and capital base have been restored to a level that more than offsets the loss incurred last week . we thank our clients , employees and partners for their steadfastness during a brief yet difficult period and we are getting back to business as usual ,
added mr . joyce .
mr . nagy of kor trading , who used to work for td ameritrade , said that large retail brokers were likely to find alternatives if knight were unable to continue taking in new business . but he added that knight had “unmatched” connections with smaller banks and brokers , and those smaller firms may have trouble immediately finding a replacement for knight .
knight capital , a firm that specialises in executing trades for retail brokers , took $ 440m in cash losses wednesday due to a faulty test of new trading software . this morning reports were calling it a trading “glitch
, which isn’t nearly as accurate as the term i’d use : “f * * king disaster
.
“during the deployment of the new code , however , one of knight’s technicians did not copy the new code to one of the eight smars computer servers . knight did not have a second technician review this deployment and no one at knight realized that the power peg code had not been removed from the eighth server , nor the new rlp code added . knight had no written procedures that required such a review . sec filing | release no . 70694 | october 16 , 2013
the preferred shares are convertible into about 267 million shares of common stock , knight said in a u . s . securities and exchange commission filing , implying the investors would get a stake of a little more than 70 percent in knight .
retrospect is a funny thing , though . it ' s easy , $ 440 million later , to say that it was a dumb move by knight . but linking into the rlp wasn ' t like building a nasa launch system ; instead this was more likely an iteration on software that knight was already running elsewhere in its operations . furthermore , this is knight ' s business , after all - - as much as it ' s a financial company , it ' s just as much a technology company . when i spoke with bernard donefer , baruch college professor and former head of fidelity ' s capital markets systems , whether it was a reasonable move for knight , his view was straightforward :
knight , which on wednesday had directed clients to route their trades with other vendors , didn ' t make the same request thursday , according to td . a spokesman for another brokerage , fidelity , declined to comment on whether the brokerage was still routing trades through knight . about a third of fidelity ' s orders go through knight , according to a regulatory filing .
two months ago , knight bought the futures business of penson worldwide for $ 5 million . td ameritrade exclusively clears its clients’ futures and forex trades through that platform . the omaha , nebraska - based brokerage’s entire bond platform is also with knight .
ifmi is a financial services company specializing in credit‐related fixed income investments . ifmi was founded in 1999 as an investment firm focused on small‐cap banking institutions , but has grown to provide an expanding range of asset management , capital markets , and investment banking solutions to institutional investors and corporations . ifmi’s primary operating segments are capital markets and asset management . the capital markets segment consists of credit‐related fixed income sales , trading , and financing , liquidity and hedging services for residential mortgage originators as well as new issue placements in corporate and securitized products and advisory services , operating primarily through ifmi’s subsidiaries , jvb financial in the united states and cohen & company financial limited in europe . the asset management segment manages assets through collateralized debt obligations , permanent capital vehicles , and managed accounts . as of september 30 , 2013 , ifmi managed approximately $ 6 . 2 billion in credit‐related fixed income assets in a variety of asset classes including u . s . trust preferred securities , european hybrid capital securities , asian commercial real estate debt , and mortgage‐ and asset‐backed securities . for more information , please visit urltoken .
in less than an hour , knight capital ' s computers executed a series of automatic orders that were supposed to be spread out over a period of days . millions of shares changed hands . the resulting loss , which was nearly four times the company ' s 2011 profit , crippled the firm and brought it to the edge of bankruptcy .
in less than a week , knight capital screwed up royally to the point of near failure and then managed to save itself with the help of outside investors . the sad lesson learned here : if a financial institution is going to mess up then this is the way to do it - - without hurting clients and without getting taxpayers involved .
knight capital’s software went out and bought at the
market
, meaning it paid ask price and then sold at the bid price – instantly . over and over and over again . one of the stocks the program was trading , electric utility exelon , had a bid / ask spread of 15 cents . knight capital was trading blocks of exelon common stock at a rate as high as 40 trades per second – and taking a 15 cent per share loss on each round - trip transaction . as one observer put it :
do that 40 times a second , 2 , 400 times a minute , and you now have a system that’s very efficient at burning money
.
knight was founded in 1995 and went public in 1998 after quickly becoming one of the largest middle men , or market makers in the stock market . knight founded directedge , a company that is now the fourth - largest stock exchange operator in the united states . knight sold stakes in directedge to other wall street firms and now owns only a minority stake in the company .
the securities and exchange commission’s market access rule , which took effect last year , requires brokers to put in place risk control systems to prevent the execution of erroneous trades or orders that exceed preset credit or capital thresholds .
when a cia - backed venture capital fund took an interest in rana el kaliouby ' s face - scanning technology for detecting emotions , the computer scientist and her colleagues did some soul - searching—and then turned down the money .
the glitch may cost knight a pretty penny since
you can ' t unwind positions like this quickly ,
said saluzzi .
jacksonville , fla . , march 30 , 2016 / prnewswire / - - fnfv group ( nyse : fnfv ) , inc . today announced a $ 47 , 431 , 165 additional capital investment in ceridian holding ii , llc , a newly formed investment vehicle that will become a shareholder of ceridian hcm holding , inc . (
ceridian
) . fnfv is one participant in the transaction that will raise a total of $ 150 million for ceridian to fund the continued growth of the dayforce customer base and for other general corporate purposes .
they may get at least a partial reprieve . the nyse will reverse trades in six stocks during the time period when the prices were at least 30 per cent outside the normal trading range for the stocks . this will significantly defray much of knight capital’s losses for the day , but we don’t know if it’s enough to allow the firm to survive the blow .
the damage to knight was swift . whereas knight once accounted for 20 percent of the market - making activity in shares of apple , by midday friday it was the market maker for just 2 percent of the share volume , according to data from thomson reuters autex .
the potential liability could increase if it were found that knight violated market rules . the top u . s . securities regulator said on friday that government lawyers were trying to determine if knight violated a new rule designed to protect the markets from rogue algorithmic computer trading programs .
in the two days since the glitch occurred , knight ' s stock has fallen to $ 2 . 58 from $ 10 . 33 on tuesday . knight takes orders from brokers like td ameritrade and e - trade and routes them to the exchanges where shares are traded .
td said it was doing test runs before routing trades through knight . it planned to keep sending orders as long as knight
remains in good standing
with stock exchanges .
they ' ve been a good and trusted partner ,
td spokeswoman beth evegan said .
although it looked bleak going into the weekend , there was still plenty of reason for hope . according to rbc wealth management ceo john taft , a chief reason for that hope was knight ' s chief . in a column for forbes , taft described joyce as
a stand up guy who is admired , respected and trusted by his peers ,
and called him a
man of character ,
suggesting that this was why
the financial services industry went out of its way to save knight capital .


fugro n.v. is a dutch multinational public company headquartered in leidschendam , the netherlands , that provides geotechnical , survey , subsea , and geoscience services for clients , typically oil and gas , telecommunications cable , and infrastructure companies .

fugro ’s 2014 revenues amounted to € 2.6 billion ; it is listed on nyse , euronext amsterdam , and is included in the amx index .

it has approximately 13,500 employees in over 70 countries .

paul van riel is ceo and chairman of the board of management and harrie l.j. noy is chairman of the supervisory board .

fugro

fugro takes delivery of its new generation geophysical and hydrographic survey vessel fugro galaxy .
fugro c ord share price . 0lnt - stock quote , charts , trade history , share chat , financial terms glossary . fugro nv fugro nv ord shs
fugro marine services ( fms ) acquired the multraship commander ( previously mitra ) vessel and renamed it fugro commander .
cggveritas conducts first broadseis surveys offshore china . cggveritas enters into agreement with fugro to acquire fugro ' s geoscience division .
at the end of 2007 the fugro fleet comprises a total of approximately 50 vessels of which 28 are owned by fugro .
in september 2012 fugro and cgg announce that they have signed an agreement under which cgg will acquire the majority of fugro’s geoscience division .
find out more about these innovations by visiting our ask fugro campaign page , and feel free to ask fugro how these innovations can benefit your projects and business . stand by for the 2017 ask fugro campaign where we explore these innovations in more detail …
cggveritas acquires fugro ’s geoscience division and becomes cgg , a fully integrated geoscience company .
canada’s beothuk energy has chosen fugro geosurveys to carry out bathymetric and geologic . . .
glassdoor gives you an inside look at what it ' s like to work at fugro geoservices , including salaries , reviews , office photos , and more . this is the fugro geoservices company profile . all content is posted anonymously by employees working at fugro geoservices .
in 1984 mr . yilmaz joined fugro geosciences , inc . a leading cpt testing and geotechnical and environmental exploration company within the fugro organization and became president . under his leadership , fugro geosciences became one of the premier u . s . companies in cpt and geotechnical exploration .
furthermore , during the third quarter of this year , the rampion wind farm cable installation work started , keeping vessels fugro symphony , fugro saltire and a trenching system busy , fugro said . phase one will be completed in november , with phase two starting in march 2017 .
the fugro academy in which a number of global training courses are clustered , opens its doors .
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browse the latest press releases from fugro to learn about our investor announcements and the quarterly financial figures .
6 jul : marshall wace vergroot shortpositie in fugro van 1 . 01 % naar 1 . 36 %
fugro collects and interprets data related to the earth ' s surface and the soils and rocks beneath .
fugro has completed offshore works undertaken in preparation for full construction of the european offshore wind . . .
the partnership for growth programme is launched to add structure to the existing relationship between fugro and its employees .
6 jul : och - ziff verkleint shortpositie in fugro van 1 . 3 % naar 1 . 26 %
# beurs # fugro 17 % short . dat zijn dus meer grote partijen die iets van n emissie verwachten .
fugro is expected to start a geotechnical survey at the site of dong energy’s proposed bay state wind . . .
fugro has utilised its new track base unit in cable lay touchdown monitoring operations at the rampion offshore . . .
fugro is included in the aex index , the list of the 25 most actively traded securities on the amsterdam exchange .
6 jul : bluecrest cap . mnt . vergroot shortpositie in fugro van 0 . 62 % naar 0 . 73 %
fugro has been appointed by nexans norway as for the provision of environmental advisory services as part of its . . .
rov and adcp , ready for deployment underneath the drillship . the adcp data was interpreted through fugro geos’ rovadcp software .
ground investigations by fugro for the a9 dualling project in scotland were recognised at the ground engineering ( ge ) awards 2016 .
currently fugro is most exposed to the oil and gas market , in which it generated 57 % of its 2017 revenue .
dong energy has appointed the portsmouth - based fugro emu to carry out offshore pre - construction surveys for the . . .
fugro’s innovations are designed with the customer in mind , offering solutions to ensure cost savings and operational efficiencies to customers’ projects .
fugro completes the divestment of the majority of the geoscience division to cgg and establishes the seabed geosolutions joint - venture with cgg .
fugro has placed surrogate unexploded ordnance ( uxo ) items on the seabed at the beatrice offshore wind farm area to . . .
fugro has recently completed the burial of export cables at the gemini offshore wind farm , off the coast of the . . .
organisers of the arctic technology conference ( atc ) have announced fugro as the recipient of two 2014 spotlight on arctic technology awards .
fugro discovery current position and history of port calls are received by ais . technical specifications , tonnages and management details are derived from vesselfinder database . the data is for informational purposes only and vesselfinder is not responsible for the accuracy and reliability of fugro discovery data .
in the process of improving and enhancing the date collection in deepwater , fugro introduces two new tools : smart pipe™ and smart surf™ .
advies # abnamro over # fugro . zoeken ze een exitpunt voor de shorters ? in hoeverre is zoiets allemaal geen marktmanipulatie . # regelgevermagzichdaareensvragenoverstellen
the mission of the foundation is set out in its articles of association . it concerns the protection of the interests of fugro n . v . and of the business that is conducted by fugro n . v . and its group companies , hereinafter the “fugro group” . such mission includes the protection and the securing of the identity , the ( independent ) existence and the continuity of the fugro group as an independent and world leading provider of geotechnical and survey services for the oil and gas and infrastructure markets , both onshore and offshore .
fugro and cgg have together clinched a contract from petrobras for a large 3d survey in the santos pre - salt basin off brazil .
fugro is getting ready to carry out a survey for unexploded ordnance ( uxo ) across the development zone of the 588mw . . .
hbc offshore solutions ltd , part of the hbc group , has been awarded with the contract to support fugro with the . . .
i applied in - person . the process took 1 day . i interviewed at fugro geoservices ( singapore ( singapore ) ) in october 2010 .
fugro announces the modernisation and expansion of its fleet of vessels in the period 2006 - 2008 with five seismic vessels and five multi - purpose vessels .
met een shortpositie van 17 % van de uitstaande aandelen in # fugro zullen de shorters @ abnamro zonder twijfel erg dankbaar zijn . . . # beleggen
seabed geosolutions , a joint venture between the two survey giants , will conduct what fugro called the industry’s largest ocean bottom node ( obn ) survey .
northstar™ is an integrated marine management and advisory solution created by fugro to monitor multiple data systems and improve the performance , efficiency and safety of production assets .
fugro collected the new mechanical product of the year award 2013 for the wavewalker 1 walking jack - up at the british engineering excellence awards ( beeas ) .
fugro is a company built on technical innovation ; 3direct ® is the latest in a long line of pioneering solutions designed to improve performance , efficiency and safety .
organisers of the arctic technology conference ( atc ) have awarded fugro two 2014 spotlight on arctic technology awards : award for ice mapping and award for 3d iceberg .
fugro’s revenue in q3 2016 was at eur 474 . 1 million , down from eur 610 . 9 million reported for the same period of the last year .
what is the ship ' s current position ? where is the ship located ? fugro discovery current position is 58 . 61126 n / 3 . 54769 w on jul 9 , 2018 18 : 26 utc . vessel fugro discovery ( imo : 9152882 , mmsi : 372698000 ) is a research vessel built in 1997 and currently sailing under the flag of panama . below you can find more technical information , photos , ais data and last 5 port calls of fugro discovery detected by ais .
fugro provided design and engineering expertise to create the jack - up barge which is owned and operated by wavewalker bv , a joint venture between fugro and van oord . in january 2013 wavewalker 1 commenced its first project , where it undertook drilling and rock blasting works in the outer channel to the port of suape in brazil .
# beurs # fugro heeft verkoop advies van abnamro op 18 april op fd gemeldt . koersdoel kan ik niet lezen . houden ze goed verborgen . wat is dit achterlijk
we support employee development with an array of tools including in - house training by the fugro academy . in the last two years we implemented a group wide talent identification programme which we are expanding in order to improve talent development on a group basis . this will include more attention to broadening diversity , which is important to fugro .
fugro posted a revenue of eur 2 . 36 billion in 2015 , down from eur 2 . 57 billion in the previous year , due to the . . .
owned by technip but it has fugro ' s logo on the side . known in the business as the skip , and designed in this way to minimise windage .
fugro has established a strong tradition in innovation since developing electric cone penetration testing in the 1960s . other examples , such as the starfix high accuracy global positioning system , our in - house designed and built remotely operated vehicles and fibre optic sensing tools demonstrate that fugro continues to be an innovation leader in the markets in which it operates .
looking for a new career ? our jobs provide daily challenges and rewarding experiences . join team fugro and be an integral part of a global team committed to delivering excellence .
as a result of the issue to the foundation of cumulative preference shares b in the share capital of ffi and fci ( up to a maximum of 105 % of the then issued share capital in ffi and in fci in any other form than cumulative preference shares b ) , the foundation may acquire under circumstances a temporary veto right in the general meetings of shareholders of ffi and fci for all important decisions of the general meetings of shareholders of ffi and fci . this would allow the foundation to prevent that the continuity ( of the company policies ) of the worldwide operational activities of the fugro group would be thwarted and annulled . accordingly , the foundation is in a position to effectively protect the business of the fugro group in case the independence and the continuity of the fugro group ( including the continuity of fugro group’s company policies ) would be seriously threatened as a result of a hostile public bid on fugro n . v . or as a result of a hostile movement within the general meeting of shareholders of fugro n . v .
recep yilmaz is a world - renowned expert in cone pentrometer testing ( cpt ) and geotechnical drilling and is a senior vice president for fugro consultants , inc . , a 500 + employee geotechnics company and part of the fugro group of companies . as senior vp , mr . yilmaz leads the company’s louisiana , houston exploration , and los angeles operations .
although fugro did not specify in which part of the santos basin the survey would be conducted , the title of the company’s press release references the buzios pre - salt field .
fugro’s leading market position is supported by its technology leadership . fugro uses high - performance assets , equipment , technologies , software and business processes . much is developed in - house through research and development , innovation and digitalisation programmes , complemented as needed or when advantageous by working with clients , suppliers , research institutes and universities . our technology development and innovation capabilities are a core strength of fugro and essential to being able to achieve our strategic objectives . we will continue to invest in innovation , with an increasing focus on digitalisation .
the information is visualised in a real - time bull’s eye graph . by using our hardware and software , it is easy to integrate into a wider range of fugro services .
in 2006 , fugro geosciences , inc . merged with fugro consultants , inc . at which time mr . yilmaz was named as a senior vice president to lead the company’s louisiana , houston exploration , and los angeles operations . he provides oversight for all louisiana operations including engineering consulting , laboratory testing and field services . exploration services include in - situ cone penetrometer testing and geotechnical drilling services . under his direction , fugro’s field exploration capabilities have expanded to include cone penetrometer testing , geoprobe , and a full range of geotechnical drilling services .
these awards are a great achievement and honor ,
said edward saade , fugro ' s regional survey director for the americas .
fugro is committed to supporting safe and sustainable arctic oil and gas operations . the technologies being highlighted by atc reinforce that commitment , and our ability to generate positive outcomes during offshore exploration , development , and production .
paul van riel , fugro ceo : “fugro is coping with the tough oil and gas market conditions by focusing on market share , utilisation levels and continuous adjustment of cost base and capacity . as a result , we are generating good cash flow . ebit margin in the quarter was supported by a solid performance in our renewables and building and infrastructure business . ”
' ' these awards are a great achievement and honour , ' ' said edward saade , fugro’s regional survey director for the americas . ' ' fugro is committed to supporting safe and sustainable arctic oil and gas operations . the technologies being highlighted by atc reinforce that commitment and our ability to generate positive outcomes during offshore exploration , development and production . ' '
fugro continues to acquire companies from all over the world to obtain more state - of - the - art technology and increase its market share . in total 19 companies are acquired .
census records can tell you a lot of little known facts about your fugro ancestors , such as occupation . occupation can tell you about your ancestor ' s social and economic status .
fugro said it continues to be open to opportunities to reduce its stake in seabed geosolutions or enter into an extended partnership . seabed is investing to benefit from a growing seabed geophysical market mainly focused on oil and gas development and production . at the same time , fugro is leveraging synergies with its marine activities related to the deployment of nodes from remotely operated vehicles .
in 2017 , fugro achieved its strategic objective of divesting its installation and construction related activities . on 30 november , fugro finalised the divestment of its marine cable laying and trenching assets in exchange for a 23 . 6 % interest in global marine holdings ( global ) , a leading global supplier of subsea cable installation and maintenance services . fugro now participates in a more diversified business in which cable installation services are complemented with long - term telecom cable and windfarm maintenance services and sales of subsea telecom systems . fugro is the preferred provider of marine site characterisation and asset integrity services to global . in addition , towards the end of the year we early terminated the long - term charter agreements for the two remaining installation and construction vessels .
fugro ' s 3direct ® technology offers a safe method of monitoring offshore structural installation in real time . it is fully remote and requires no tracking equipment to be installed on the structure .
bij het vorige advies zaten zij er ook naast en nu wordt er gereageerd alsof abn het orakel , het alziende oog mbt # fugro is . wat een onzin ! # amx # aex
fugro ' s offshore geotechnical division offers vessel based drilling and seafloor drilling , but in specific environments and for particular project schedules , deploying the seadevil can deliver the best of both worlds .
fugro survey limited forms part of fugro ' s offshore survey division and has bases in aberdeen and gt . yarmouth . operations are conducted primarily on the north west european continental shelf , mediterranean , and west africa regions . fugro survey limited operates a fleet of five vessels that are permanently equipped with survey spreads , all of which are primarily geophysical / hydrographic vessels and an autonomous underwater vehicle ( auv ) . in addition the company provides rov , survey and surface / subsea positioning equipment and services to other contractors and organisations , deployed from their vessels , barges and rigs .
with the acquisition of fugro geoscience , cgg re - emerged as an integrated geoscience company with a leading position in the fast growing , high - end integrated geology and geophysics and reservoir market .
the application of the option rights by the foundation will only result in the fugro group being able to continue its operations as an independent and worldwide group under the present management . the execution of the option rights is a temporary measure that does not affect in any way ( nor is intended to affect in any way ) the ownership rights of the shareholders in fugro n . v .
safety is a key priority . much of our work is performed in challenging environments . fugro is committed to keeping its employees and others involved in its operations safe by eliminating workplace hazards and preventing incidents . after years of improvement in safety performance , further improvement is stagnating , which is happening industry wide . fugro is dedicated to further improve its safety performance and uses and promotes fugro’s safety leadership programme to enable everyone to become a safety leader in their own workplace by encouraging peer - to - peer discussions , involvement , engagement and ownership of safety on the worksite . the programme is supported by key clients and is currently being rolled out across fugro’s vessel fleet and other operations in the marine and land environments . the intent of the programme is achieving a step change in safety performance .
the acquisition of the geofor group and earth resources combined with the establishment and opening of new offices in africa ( angola , mozambique , tanzania and uganda ) strengthens fugro’s presence and leadership position in africa .
census records can give you a fascinating window into the day - to - day lives of your fugro ancestors - like hours worked per week , level of education , veteran status , employers , and more .
following a resolution which was taken by the general meeting of shareholders of fugro n . v . on 12 may 1999 , the foundation entered on 11 october 1999 into option agreements with fugro financial international n . v . ( “ffi” ) and with fugro consultants international n . v . ( “fci” ) . these two entities , with statutory seat on curaçao , act as subholding companies for the majority of the worldwide operating companies of the fugro group . pursuant to these option agreements the foundation was granted two call - options for the acquisition of cumulative preference shares b in the share capital of both ffi and fci up to a maximum of 105 % of the then issued share capital in ffi and in fci ( in any other form than cumulative preference shares b ) to the extent such share capital is not held by ffi and fci respectively .
fugro supports your offshore work with a global network of reference stations , monitoring signals from gnss ( gps , glonass , beidou and galileo ) satellites and generating corrections to significantly improve the accuracy of unaugmented gnss signals .
organizers of the arctic technology conference ( atc ) have announced fugro as the recipient of two 2014 ' spotlight on arctic technology ' awards . its integrated 3d iceberg mapping technique , which defines complex iceberg properties using high - precision subsea imaging systems and above - water imaging techniques , is one of the innovations . the other award is for fugro’s geosar sea - ice mapping system which is mounted on a gulfstream ii jet aircraft .
acquiring sea ice data over very large areas , the system produces sea ice mapping deliverables enabling the mitigation of high risk ice floes from fixed locations in the arctic . edward saade , fugro’s regional survey director for the americas , says that fugro is committed to supporting safe and sustainable arctic oil and gas operations . the technologies being highlighted by atc reinforce that commitment , and fugro’s ability to generate positive outcomes during offshore exploration , development , and production . the spotlight awards will be presented at atc on monday 10 february 2014 during an evening reception at the george r . brown convention center in houston , texas . additional activities for fugro at atc , which will be held from 10 to 12 february in houston , tx , usa , include participation in the “arctic past projects” panel discussion on tuesday , 11 february and a technical presentation entitled , “precise gnss positioning in the arctic regions , ” on wednesday 12 february . fugro staff will also be present at booth 317 in the exhibit hall throughout the conference to promote the company’s full range of geotechnical , survey , and subsea services .
recognising the potential applications across the energy sector and to other linear infrastructure networks , roames asset services was established as a services unit within ergon to commercialise the technology . roames has now been acquired by fugro pty ltd .
designed to cater to fugro specifications , our dp1 vessel is an acoustically quiet vessel outputting data of a significantly better quality . fitted with the latest survey equipment , it’s the most advanced vessel of its type in the world .
“ergon , fugro and qut are all essential participants of the crcsi and it is very pleasing to see the practical application of our research realising substantial savings , productivity gains and export potential for our partners” said peter woodgate , ceo .
in the context of this objective it is the aim of the foundation to contribute to the stability and the controlled growth of the fugro group for purpose of the creation of long term shareholder value in the interest of all its stakeholders .
the chairman of the awarding foundation , mr . wellink ( former president of the central bank of the netherlands ) , highlighted fugro’s global presence , ability to operate in frontier areas and the successful expansion strategy and focus on innovation and hse .
in 2007 fugro combines several existing onshore survey and positioning activities to form ‘geospatial services’ to which the newly acquired businesses of earthdata ( us ) and maps geosystems ( uae ) are added . a number of other acquisitions are completed in 2007 .
fugro’s market leadership is predicated on being an independent services provider . fugro provides geo - intelligence and asset integrity solutions . data , information and advice regarding natural resource development and sites for construction of large buildings , industrial plants and infrastructure are vital to costing , design and risk mitigation during the development phase and to mitigate development risk . as independent service provider , we have no conflict of interest with respect to other parties involved in clients’ projects and results are provided impartially and confidentially .
in 2017 , fugro generated 43 % of its revenue from non - oil and gas related markets , up from 34 % in 2016 . the majority of the shift is attributable to a 9 % currency comparable organic growth in the markets outside oil and gas ; the other part is due to the reduction of our oil and gas activities resulting from the downturn . following good growth in its markets outside oil and gas in 2017 , fugro will strive for further growth in 2018 .
wederom zwaar weer bij de olie fondsen . # sbmo # fugro ( - 7 % ! ) . # shell zal het zwaar krijgen vandaag . bij een doorbraak van de €29 , - voor shell zijn de beren los ! # short # opec
fugro is constantly adjusting its organisation to better support its clients in managing their projects and operation of their assets in a sustainable , smart and cost effective way . globalisation has been driving the demand for standardisation and increasing project complexity and cost reductions measures at clients driving demand for large , integrated projects . these demands could not be met with the local operating company model . over the past years , fugro has transformed to a centrally coordinated , regionally organised company that operates site characterisation and asset integrity business lines within both a marine division and a land division . clients’ reactions on the new organisational set - up have been positive , as it has strengthened fugro’s ability to more effectively provide standardised and integrated geo - intelligence and asset integrity solutions .
rocis combines the operational oceanographic , geospatial , and aerial survey skills of fugro with the advanced image processing and remote sensing expertise of areté associates to provide high resolution surface current mapping over large offshore areas on a near real - time and synoptic basis .
mr . yilmaz has developed , executed , and supervised numerous field exploration programs for a wide variety of projects using hollow stem auger and rotary wash drilling methods , wireline sampling and coring techniques utilizing truck , atv , buggy and skid - mounted cme ( 55 , 75 and 750 ) , failing 250 and 1500s and mayhew 200 drill rigs . fugro’s equipment is capable of drilling to depths in excess of 500 feet and the fugro exploration fleet is extensive and is usually adequate to accommodate any exploration program or completion schedule .
fugro is actively seeking to grow in the building and infrastructure , renewables , power , nautical and mining markets . in these markets we provide essential services that support our purpose by contributing to solutions to support a world with a growing , increasingly more affluent population and to mitigate the impact of climate change . in addition , it is desirable to have exposure across multiple markets that run in different cycles and to be active across the different phases of these markets to improve the overall sustainability of fugro and the robustness of our performance .
at the 2015 review one ship was added to the site . who knows how many ships fugro have since they have not chosen to publish a fleet list . the seem to have four vessels on order in different parts of the world . reviewed 18th november 2015 .
in the offshore market , fugro is global market leader in providing marine site characterisation services . we are particularly strong in frontier environments such as deep water . market shares are high as we are an independent service provider and with our organisation , people and assets we can take on large , integrated projects ; leverage our global footprint ; and provide the full range of acquisition , analytics and advisory services . in the marine asset integrity space , fugro holds strong regional positions in asia - pacific and europe . on land , based on the same capabilities as in marine , fugro is market leader in site characterisation on a regional and local basis , and in our ability to provide integrated services to globally operating clients anywhere in the world . in asset integrity we have leadership positions in specific market segments in selected countries .
the company reviewed its portfolio based on the scope of the new business lines and divisions and the current difficult oil and gas services market , and has decided to retain the inspection , repair and maintenance services across the subsea services division to integrate into the new asset integrity business line within the marine division . for installation and construction activities fugro will continue to pursue partnerships or divestment , as these do not fit its strategy of providing asset integrity solutions . it will retain the drilling / well intervention vessel fugro synergy , but optimise it for geotechnical operations .
the foundation is independent and the ownership and control of the foundation is not vested with any other party . the board of the foundation is composed of five members , while only one individual member of the board had ( in the past ) ties with fugro n . v .
fugro operates a fleet of specialised multipurpose survey vessels equipped with state - of - the - art survey spreads . we continue to invest and expand our already extensive survey vessel fleet with world - class dedicated , specialised vessels to meet demands in the deepwater , coastal and renewables markets .
digitalisation is becoming increasingly important as part of technology development and innovation . clients are starting to embrace digital solutions to increase efficiency and reduce overall cost of development and operations . for fugro it creates the opportunity to enhance delivery excellence by developing and offering client project deliverables in fully digital form . fugro is spending a significant part of its development budget to support this trend . examples are our cloud based , fully digital asset management solutions for roads , railways and power networks and solutions to provide remote operations offshore . also internally we are benefiting from digitalisation of our processes .
fugro operates many ships carrying out a variety of support services to the offshore oil industry . they don ' t really fit into the categories usually featured on this site , but they are never - the - less interesting so they are presented her as photos with comments where possible .
from our formal inception in february 2013 as a seabed geophysics joint venture between fugro ( 60 % ) and cgg ( 40 % ) , seabed geosolutions has been the worldwide leader in offering best - in - class ocean bottom seismic ( obs ) solutions to the oil and gas industry .
to further improve the organisation , fugro is merging local entities into country organisations . this simplifies the organisation by reducing the number of legal entities . in 2017 , good progress was made and 50 legal entities were closed . in parallel , support functions are being merged into shared service centers , resulting in cost efficiencies and an improved service delivery . shared service centres are now in operation in fugro’s largest hubs in the usa , eu , middle east , asia and australia . rationalisation of the legal entity structure and implementation of the shared service centers will be largely finalised in 2018 .
“the object of the foundation is to protect and promote the interests of fugro consultants international n . v . and fugro financial international n . v . , with statutory seat at cura ç ao , hereinafter respectively “fci” and “ffi” , as well as the interests of fugro n . v . with statutory seat at leidschendam , hereinafter the “company” , as well as of the business that is conducted by the company and by the companies that form a group with the company , and this to the extent that the interests of the company and of such business and all those concerned , are protected and secured as much as possible , while any influence which may threat the independence , continuity and / or identity of the company and such business , will be held off to the maximum possible , including any other act that may relate to or be conducive to the foregoing . ”
dutch multinational fugro purchased this technology in 2014 . today roames continues to help us save millions annually in vegetation management . it contributes to a more reliable electricity supply , creates a safer working environment for crews , and helps get the lights back on to communities more quickly after a natural disaster .
as part of forming the new divisions , fugro is merging operating companies into country organisations . this supports organisational and legal entity simplification by reducing the number of legal entities and consolidation of support functions into shared service centres . this is resulting in cost efficiencies and improves the quality of internal processes .
in the press release from the rotterdam school of management , erasmus university , the following is stated : “a strength of fugro is recognising synergy in innovations” , according to the jury . “a good example is a highly accurate gps based positioning system that was developed as a sideline , but is now applied in almost all projects due to the effectiveness and efficiency of this system . though this system forms the basis for all these developments , the application in projects is often quite specific and different . ” in addition fugro works extensively with external parties on fundamental research and the innovations are strongly client focused .
an unusually short lifespan might indicate that your fugro ancestors lived in harsh conditions . a short lifespan might also indicate health problems that were once prevalent in your family . the ssdi is a searchable database of more than 70 million names . you can find birthdates , death dates , addresses and more .
fugro is being recognised for its integrated 3d iceberg mapping technique , which defines complex iceberg properties using high precision subsea imaging systems and above - water imaging techniques . the approach and technology is integral to future ice engineering , as well as ongoing ice management and risk mitigation measures for fixed and mobile platforms in arctic settings . the other award is for fugro ' s geosar sea ice mapping system which is mounted on a gulfstream ii jet aircraft . acquiring sea ice data over very large areas , the system produces sea ice mapping deliverables enabling the mitigation of high risk ice floes from fixed locations in the arctic .
the spotlight awards will be presented at atc on monday , 10th february at the george r . brown convention center in houston , texas . additional activities for fugro at atc include participation in the ' ' arctic past projects ' ' panel discussion , a technical presentation and a booth in the exhibit hall .
wavewalker 1 , developed by fugro and van oord , is an innovative , eight - legged ' walking ' jack - up barge ( self - elevating work platform - sewp ) designed especially for marine operations in rough seas , surf zones , beaches and other intertidal locations where operation of traditional sewps is uneconomic .
fugro’s short term strategic objective is to restore profitability and returns in a stabilising oil and gas market following years of sharp decline , as a key step towards achieving our mid - term financial targets . at the same time we target continued growth in the building and infrastructure , renewables , power and nautical markets .
the uncontrolled detonation of unexploded ordnance ( uxo ) is still a present - day risk in coastal and offshore marine environments . as part of uxo risk management , an appropriate geophysical survey is required to assess and mitigate risks . the fugro geowing has been designed to collect high resolution magnetic data for uxo surveys .
the company is being recognised for its integrated 3d iceberg mapping technique , which defines complex iceberg properties using high precision subsea imaging systems and above - water imaging techniques . the other award is for fugro’s geosar sea ice mapping system which is mounted on an aircraft to acquire sea ice data over very large areas .
fugro geos developed a special software package that they call rovadcp to integrate the current velocities measured as the rov descended in the water column . real - time data was made available to the drillship for the full water column . this data , which can be used alone or combined with data from stationary adcps ( using fugro geos’ rigadcp software ) , provides the information needed to safely manage the drilling operation in an area of current activity . full coverage is especially critical in deep water , where hydrodynamics have an even greater impact on operations ( due to increased depth ) and the ocean conditions are more variable and less predictable .
our vessels can operate independently in remote regions around the world and are able to deploy the full suite of fugro speciality in - situ testing and sampling equipment . most of our vessels allow integrated investigation methods , including seabed and downhole in - situ testing and sampling , to be deployed during a single site investigation programme .
the company’s cost reduction and performance improvement measures have resulted in a reduction in head count of 1 , 430 employees in 2016 . third party expenses related to vessel charters , subcontractors and other operational costs were reduced by 27 . 0 per cent . fugro’s active fleet was reduced by five vessels . capital expenditure was also reduced .
northstar™ integrates all of these data and presents them in a single , intuitive interface . attuned to specific facilities and conditions , and benefiting from fugro ' s extensive in - house expertise and resources , northstar™ offers a unique and reliable asset - wide overview that contributes to the improved management of facilities , efficiency optimisation and contingency planning .
fugro says it expects a further significant decline in revenue in the first half of 2017 , although it believes the decline will be less severe than in 2016 , with ongoing margin pressure . it believes its revenue decline will bottom out towards the latter part of the year and it will have positive cash flow for the full year .
the researchers prof . dr . justin jansen , prof . dr . henk volberda , prof . dr . frans van den bosch and dr . michiel tempelaar of the rotterdam school of management , erasmus university stated “fugro demonstrates that management , organisational and working environment aspects and cooperation with external parties contribute to sustainable renewal of the organisation . ”
we continue to be open to reducing our stake in seabed geosolutions or enter into an extended partnership . seabed geosolutions expects to benefit from a growing seabed geophysical market focused on oil and gas development and production , its new manta data acquisition system and the synergies with fugro’s marine division regarding the efficient deployment of nodes using remotely operated vehicles .
a short term target is to improve employee engagement . we acknowledge that this is a challenge in a period that fugro has been restructuring vigorously to deal with the oil and gas downturn . since the start of 2015 fugro has had to let go of around 3 , 500 employees or 25 % of the total work force . in addition , the organisational transformation we have undertaken has meant significant change for a lot of people , even if the need for change has been widely appreciated and supported and people recognise it is creating good opportunities . we are addressing employee engagement vigourously , with groupwide communication supported by new group wide collaboration tools . in 2018 we will hold a group wide engagement survey .
fugro geos has previously extended the water current profiling ranges by employing two 75khz adcps . one was suspended below the drillship , to cover the top 450m of the water column . the second was mounted on the blow - out preventer on the ocean floor , looking upward , to monitor currents near the bottom . this double configuration has given good data for shallower wells .
mr . yilmaz has lead the development and growth of fugro’s drilling and subsurface exploration capabilities , sampling methods , and qualifications which now include soil drilling and sampling , rock coring , angle drilling , low - clearance drilling , groundwater sampling , piezometer installations , inclinometer installations , environmental soil sampling , environmental gas sampling , monitor well installations , development and sampling and recovery well installations .
fugro undertook detailed ground investigations of superficial deposits and bedrock along a 46 - kilometre section of the a9 between pass of birnam and glen garry , with a requirement to work sensitively in an area of outstanding environmental value . the scope included exploratory holes in soil and rock , in situ testing , high quality sampling , installation of instrumentation , laboratory testing , post site monitoring and factual reporting .
the seadevil is an innovative offshore geotechnical tool offered as part of fugro ' s comprehensive suite of vessel - based and seafloor drilling and in situ investigation tools . the seadevil vertical control system ( vcs ) improves data quality when drilling soft and highly variable formations and reduces the duration of projects that require multiple site investigation methods , such as drilling or intrusion via direct push or free fall .
global navigation satellite system ( gnss ) based precise point positioning ( ppp ) has become the de facto standard for precise real - time offshore positioning applications . current precision is of the order of 3−5 cm horizontally and twice this value for the vertical . however , this may not yet be good enough for tidal applications . in this contribution we will discuss new developments at fugro , . . . [ show full abstract ]
“challenging oil and gas market” has somewhat become an inevitable reference point in financial reports of companies working in the offshore energy sector . still , those involved in the offshore wind market usually have positive figures to report . this is also the case with fugro , whose revenue declined by 20 . 4 % in q3 2016 due to the oil and gas downturn , but offshore wind market stayed strong and brought work on two projects outside of europe .
implementation of cost reduction and performance improvement measures as required by market conditions is underway . this includes the ongoing restructuring , which is ahead of plan with 1 , 120 employees laid off in the year - to - date and active fleet reduced by 5 vessels with more reductions to be made as needed by the end of the year . in its financial results for 2015 , fugro reported it had reduced its workforce by 1 , 577 people .
fugro geos had a problem : their client bhp was about to drill the second - deepest well in the world , on the walker ridge block in the gulf of mexico . the well was located at a depth of 2680m ( 8800 feet ) in an area where water currents could threaten the marine riser . traditional adcp ( acoustic doppler current profiler ) current measurement equipment could only reach up a little over 1000 meters in good conditions . what to do ?
fugro’s chief executive paul van riel said : “the downturn in our largest market , oil and gas services , continued unabated in 2016 . we had to take the painful decision to cut yet more staff positions . we reduced capacity and cost and at the same time we succeeded in strengthening our market positions . this could not , however , offset increased price pressure . our focus on cash flow again paid off . we generated substantial cash flow resulting in a significant reduction of net debt .
rocis - the remote ocean current imaging system - is an aerial survey payload developed by fugro and areté associates to measure surface ocean currents . this oceanographic measurement tool provides near real - time synoptic surface current data over a wide operational area , while retaining the ability to assess smaller scale current features of interest . the data can be used in combination with satellite , numerical models and in situ measurements , offering better understanding of offshore current features and enhancing operational planning . rocis current data can also support the calibration and validation of predictive forecast models .
in 1981 , mr . yilmaz began his career at fugro gulf , inc . as a staff engineer and quickly progressed to supervisory engineer . his responsibilities included coordination of cpt field activities and interpretation of results . he worked on the design of embankments , slope stability analysis and supervised construction of evaporation ponds ; geotechnical investigation for proposed onne fertilizer plant in nigeria ; growth faults and geotechnical investigation for major industrial complexes in houston ; developed computer programs and plot routines to minimize labor requirements . mr . yilmaz also worked on the design of various foundation types related to onshore and offshore structures .
the method makes use of information contained in engineering drawings of the structure to track and calculate its position and orientation in real time from a live video stream . one or more cameras are used to create a wide angle view across the structure from the deck of the installation vessel . each camera is equipped with a motion sensor that compensates for vessel motion . the position , heading , and pitch & roll of the monopile or jacket is accurately calculated in real time using advanced vision - based technology . the data is integrated , processed and reported in fugro’s starfix . ng software , enabling continuous hands - off operation through the placement .
we are a world class leading supplier of subsea services . discover how your project can benefit from our high specification , dynamically - positioned ( dp ) vessels , bespoke topside and subsea equipment , highly skilled personnel and integrated operating procedures and systems .
our fleet of dynamically - positioned subsea vessels are ideally suited for subsea installation , construction support , irm and decommissioning projects . we have the capacity to support a range of systems , including :
we are the industry leader in subsea inspection , repair and maintenance ( irm ) . we provide an in - depth range of services , from shallow to 4 , 000m water - depths .
we operate a large , modern fleet of rov systems , ranging from large hydraulically powered work class to electrically powered inspection class systems , both permanently installed on our own dp2 vessels .
whether you require a vessel for observation , sensor deployment or a full intervention and maintenance task , we have the specific rov and support equipment you require .
our multi - role test support / installation vessels are fitted with specialised equipment to undertake the most demanding projects and are ideally suited to a wide range of diver and diverless offshore operations .
a variety of specialist equipment and personnel are mobilised onboard , including work class rov’s with operating depths to 3000m .
our vessels are equally capable of executing efficient , long term air and saturation diving campaigns .
our diving operations are based in europe , west africa middle east and asia pacific , with the largest scale diving operations occurring in brazil , where dp dsvs and ten air diving systems support a range of clients , vessels , fpsos and rigs .
at dive sites where space is limited , our recently introduced innovative compact offshore air diving systems enable rapid mobilisation .
other vessels include light dive boats or ‘daughter craft’ - small self - contained diving platforms , designed to operate remotely from the mother vessel or platform . with built - in cameras and light supplies for divers together with extra electric and hydraulic power for subsea hand tools , they provide an efficient and safe work platform for inspection , survey and light construction work .
support both drilling and irm segments , on exploration , field development and production activities .
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