tooheys is a brewery in the suburb of lidcombe , in sydney , new south wales , australia .

it produces beers and ciders under the tooheys and hahn brewery trademarks , and is part of the lion beverages group which was acquired by the japanese kirin company in 2009 .

tooheys brewery

tooheys hahn super dry from tooheys brewery . abv = 4 . 6 % . . .
previously known as stanley co - operative brewery and the albion brewery , the emu brewery is established in perth .
known today as tooheys old dark ale , you can still get your hands on this iconic aussie beer today . since that time , many beers have been created under the tooheys label , with current beers including tooheys new , tooheys old dark ale and tooheys extra dry .
tooheys brewery on elizabeth st , sydney . | history ~ australia ~ sydney | pinterest | sydney and history
the great northern brewery becomes officially known as the lion brewery when the company merges with campbell & ehrenfried .
in 1980 , nsw - based tooheys merged with queensland ' s castlemaine perkins to form castlemaine tooheys . [ 5 ] bond corporation purchased castlemaine tooheys in 1985 . [ 5 ]
“the company secretary arrived at the brewery one morning and announced that we had just merged with tooheys and the company was changing its name to castlemaine tooheys , ” bill recalls .
established by the toohey brothers in 1869 , tooheys has balanced respect for heritage with an appetite for innovation for more than 150 years . the tooheys portfolio now includes the classic , easy - drinking australian lager tooheys new and robustly flavoured but refreshing tooheys old , along with the clean , crisp taste of tooheys extra dry .
products sold under the tooheys trademark are brewed at tooheys brewery . home - brew kits are distributed by lion and produced at canterbury brewery . as of 2015 [ update ] , the tooheys brand was the major sponsor of rugby union in new south wales and queensland , and sponsored the melbourne cup in 2002 and 2003 .
the launch of the tooheys darling pale ale coincides with a refreshed new look to the entire tooheys range . the design celebrates the tooheys heritage , featuring the tooheys brothers john and james toohey , and reflects their established passion for quality in a fresh , modern way .
the tooheys darling pale ale is named after the first tooheys , ‘darling brewery’ , which was located in sydney’s darling harbour . the brewery was purchased in 1872 by john thomas toohey ( an irish immigrant ) and james matthew toohey who moved to sydney in the 1860s after running pubs in melbourne to brew their first beer – tooheys black old ale .
the castlemaine brewery buys out major rival perkins & co , which owned the city brewery , the toowoomba brewery , the toowoomba maltings and a number of hotels . the new company is known as castlemaine perkins .
tooheys brewery director , mark toomey said : “tooheys’ mission is to brew easy drinking beers for every taste . we know that our adult drinkers have an evolving palate , so we are committed to innovation and providing greater choice that suits more occasions , just like the tooheys brothers did back in the 1870s . ”
for castlemaine tooheys in queensland , change came in the form of bernie power .
national foods acquires the yoplait franchise in new zealand . the hahn brewery is renamed the malt shovel brewery in honour of australia ' s first commercial brewer .
the south australian brewing company is formed through a merger of the west end brewery , the kent town brewery and wine and spirits merchant rounsevell & simms .
tooheys extra dry is a dry style lager , available on tap and in bottles .
“i decided to look at building a small brewery , ” power says modestly .
tooheys old is a dark ale , supposedly similar to the toohey brothers ' original brew .
the swan brewery becomes a wholly owned subsidiary of alan bond ' s bond corporation .
tooheys dates from 1869 , when john thomas toohey ( an irish immigrant to melbourne ) obtained his brewing licence . toohey and his brother james matthew ran pubs in melbourne ( the limerick arms and the great britain ) before moving to sydney in the 1860s . they commenced brewing tooheys black old ale in a brewery in the area of present - day darling harbour . by 1875 , demand for their beer had soared and they established the standard brewery in inner - city surry hills . in 1902 , the company went public as tooheys limited , and commenced brewing lager ( the present - day tooheys new ) in 1930 . in 1955 , the brewery moved west to lidcombe . [ 3 ] in 1967 , tooheys bought competitor miller ' s brewers located in taverner ' s hill , closing that brewery in 1975 . [ 4 ]
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lion nathan acquired a 50 % stake in bond ' s natbrew holdings in 1990 , and took total ownership in 1992 . [ 5 ] production of hahn - branded beers was moved from the camperdown hahn brewery to tooheys , some time between 1993 ( lion ' s acquisition of hahn ) and 1999 [ 7 ] ( when hahn brewery was renamed malt shovel brewery ) .
“it’s also nice for us to be able to pay homage to the tooheys brothers and their darling brewery in this new brew . they came to sydney to have a go at brewing and took a punt on the darling brewery’s success . almost 150 years on , it certainly paid off .
gold bitter [ 9 ] was formerly tooheys gold , mid - strength , 3 . 0 % abv
toohey’s established their standard brewery in albion street near central station . within viewing distance of their main rival tooths , tooheys also built an empire by opening standard breweries across nsw , buying out only three competitors .
t here’s a new beer at the bar – tooheys darling pale ale – the latest offering from tooheys , the iconic beer brand which has proudly produced beers for nsw and southern queensland since 1869 – over 145 years .
lion brewery is one of the ten major brewing companies that amalgamate to form new zealand breweries ltd .
john thomas toohey and his younger brother , james matthew , join forces and buy the darling brewery in sydney . the brothers begin trading as jt & j toohey and give australia its first taste of tooheys old .
red bitter [ 8 ] was formerly known as tooheys red , 4 . 0 to 4 . 2 % abv
the two others that power approached , malcolm davies and steve guyt , shared chant’s view that castlemaine tooheys was vulnerable .
tooheys extra dry platinum , launched in 2007 , is a beer with increased alcohol content of 6 . 5 % .
tooheys taps into pale ale trend . media release at australian brews news , 18 june 2015 . retrieved 12 june 2016
“we are very excited about the direction we are taking with tooheys but we haven’t forgotten our inspired origin . all of our packaging now carries the signature of the tooheys brothers , which will ensure their legacy lives on , ” said marler .
with the family - owned tooheys business being transferred to a limited company , the stag is chosen as the tooheys trademark . the symbol is derived from john toohey ' s favourite hotel , the bald faced stag hotel in leichardt , sydney .
lion nathan enters the chinese beer market through the purchase of a controlling interest in the taihushui brewery in wuxi .
mccashins brewery is established by terry mccashin in nelson , new zealand . mac ' s real ale is born .
the west end brewery is established by william clark in hindley street , adelaide . west end draught is born .
“it was quite clear to me as a hotelier that there would be an opportunity to build a brewery . ”
branching out on his own i left coors to come out to australia to run the tooheys and resch’s breweries and then in ’83 i tried to start my own small brewery but i couldn’t get the financing for it . after three - and - a - half years in new zealand with steinlager i came back to start the hahn brewery in camperdown . back then the hahn brewery was independent . lion nathan bought us in ’93 and i became chief brewer for the whole group , but i got sick of flying around all the time so i convinced lion to let me go back to the original small brewery – the hahn brewery – and start up a new brewing company , james squire .
building starts on the hahn brewery , in a converted furniture factory in camperdown , sydney . hahn premium is born .
still his research also showed him how little he knew about establishing a brewery , so he set out to learn .
taylor was still there in 1985 when bond , having captured both swan and the america’s cup , set sail for castlemaine tooheys .
blue bitter [ 10 ] was formerly tooheys blue , a low - alcohol
lite
version , 2 . 3 % abv
tooheys new was launched in 1931 as a crisp , lighterflavoured lager alternative to the ‘old’ ales that were the norm until refrigerated lager brewing arrived on the scene . the brewery’s darker ale , in time , became known as tooheys old or ‘black’ and is one of the few surviving ales from this earlier era of colonial brewing . confusingly , the company’s marketing people decided to re - badge new as tooheys draught in the late ’80s , whether it referred to the brew in bottle , can or off tap .
for over 156 years , the west end brewery has been a major player in the state of south australia . this landmark brewery , along with our trademark brand west end draught , has embedded itself into the cultural and economic heritage of south australia .
castlemaine tooheys were represented as the appellants in the landmark 1990 case of castlemaine tooheys ltd v south australia , heard by the high court of australia . since the brewery operated outside south australia , but sold its products there , a south australian act amendment , imposing a substantial refund value for non - refillable bottles produced in other states , was ruled to be inconsistent with section 92 of the constitution of australia . due to the significant discriminatory and protectionist financial impacts that they faced , castlemaine tooheys successfully invalidated the law . [ 6 ]
one of toohey’s buys was miller’s brewery . miller’s was one of the few medium scale sydney brewers in the twentieth century to successfully take on toohey’s and tooth & co . with their brewery located on parramatta road at petersham , millers operated a number of hotels and brewed beer from 1951 until 1975 , when toohey’s , who had purchased the brewery in 1967 , closed it . some of the brewery buildings still stand on taverner’s hill at petersham , now bright orange and ironically a miller’s ( no relation ) storage .
tooth & co’s kent brewery began in 1835 and built itself into an industrial and trade powerhouse . its eventual rival , toohey’s began in 1865 and the third player , reschs arrived in 1890 . these three made brewing an industrial process , building and buying hotels to sell their product ( tied hotels ) and merging with their rivals to knock out competition . tooth & co’s main brewery was located on broadway and between 1920 and 1978 they took over eleven breweries across nsw and victoria . the biggest scalp was the reschs waverly brewery which removed a major competitor but also gave tooth’s a big , established brewery to use . reschs continued to be made by tooth’s at the old brewery on south dowling street until they closed it in 1978 . it is now apartments and the kent brewery was recently demolished .
castlemaine tooheys ltd v south australia [ 1990 ] hca 1 , ( 1990 ) 169 clr 436 ( 7 february 1990 ) , high court .
pioneer brewer richard seccombe founds the great northern brewery at khyber pass . he uses the lion from his family crest as its logo .
in the book swan : history of a brewery , author suzanne welborn recounts a meeting in brisbane between swan’s general manager lloyd zampatti and chairman alan blanckensee and their counterparts at castlemaine to discuss a possible merger in the lead up to the period . the talk came to nothing . welborn’s book also describes an alleged handshake deal that took place in a hotel carpark between zampatti and lloyd hartigan from toohey’s to the effect that they would look at merging if either brewery was threatened . but in mid 1981 , as bond moved to take over the west australian brewery , there was no one to prevent it . by then tooheys was castlemaine tooheys as the potential saviours had made other arrangements and merged in march 1980 .
mainstream brews have been supplemented in recent years by premium lagers ( both local and overseas brands ) with tooheys old a welcome link to the past .
by decade’s end bond was gone , with swan and castlemaine tooheys bought out by lion nathan . the hahn brewery and sab followed in the early 90s , while power’s went to join cub , now the foster’s group…but ixl , elders , elliot and kunkel that’s another 2 , 000 words .
tooheys darling pale ale is available now in 375ml bottles , six - pack , 24 - pack cartons across nsw and southern queensland , and in selected bars .
lion nathan buys a 50 per cent share in natbrew holdings , which owned alan bond ' s brewing assets in australia – including castlemaine tooheys and swan brewing .
a present change for tooheys . easy drinking and hippy taste i like from smaller breweries . give little creatures pale ale a run for there money . nice brew .
early west australian settler frederick sherwood establishes the original swan brewery , in what is now the suburb of sherwood court in perth . swan draught is born .
“bernie had really good brewers , he chose a good brewery site there in yatala and very quickly took a big market share in queensland , ” hahn says .
the merged company ' s products include the tooheys , hahn and xxxx beer brands , as well as the national foods group of companies that now includes the dairy farmers milk brand .
“there were 10 members , but only nine companies , ” bill says . “the tenth member represented queensland breweries , the bulimba brewery , which was owned by carlton . ”
after unsuccessful business ventures in victoria , new zealand and queensland , john settled near lismore : later james had a property near coonamble . about 1869 with w . g . henfrey john set up an auctioneering agency and cordial manufacturing business in castlereagh street , sydney ; the next year the brothers began brewing at the metropolitan brewery and in 1873 they bought the darling brewery in harbour street . in 1876 they moved to new premises on the site of the old albion brewery in elizabeth street and began the standard brewery , employing twenty - six hands . before 1880 imported beer was preferred to the local product , but in the 1880s toohey ' s and tooth ' s beers quickly became popular .
lion offers an outstanding portfolio of australian beers . iconic trademarks like xxxx , boags and tooheys partner with newer , innovative takes on the category like little creatures , hahn super dry and james squire .
the other brewers in the association were carlton and united , tooths , tooheys , castlemaine perkins , tasmanian breweries – which was boags and cascade , coopers , south australian brewing , swan and courage .
the fitzgerald brothers form a partnership with kate quinlan , george gray and robert prendergast with the intent to build a brewery in brisbane . they purchase the failing milton distillery and much of the surrounding land .
golden amber in appearance , tooheys darling pale ale delivers a fruity hop aroma and mild bitterness brought on by a unique blend of three hop varieties . malted barley and wheat combine to provide balance and a delicate malt backbone .
loved it . tried it today at the rainbow beach surf club / rsl celebrating a family event . a great easy drinking pale ale . not too hopped up , just easy going , easy drinking . well done tooheys !
created in response to the rise in popularity of the pale ale style , the easy - to - drink tooheys darling pale ale has been crafted with a non - challenging flavour to make it accessible to new pale ale drinkers .
members of the australian institute of packaging ( aip ) learnt about the brewing process and the packaging of beer , and took a first - hand look at the brewing operations , packaging and warehousing at the brewery .
now in sydney most breweries are pub based boutique breweries such as the lord nelson or the macquarie . the only brewery of any size is the malt shovel in annandale , which in coming full circle brews james squire .
i was also none too concerned about the business of making it . all that mattered was that it was there , and being a born and bred queenslander it had to be xxxx . castlemaine perkins , castlemaine tooheys , it was all xxxx to me . that is until a day in 1985 when everything changed . a new sign adorned the building where the famous mr xxxx used to be . it said “bond brewing” and the address on the cans beside the image of the iconic milton brewery said , ‘western australia’ .
dear scratchers , i am trying to find some information on the bas relief sculptures on the parramatta road side of the miller brewery building – they were created early 1950s . did you come across anything about them preparing this post ? love all your work !
“bondy created a corporate identity called bond brewing , so the castlemaine sign that was on the front of the brewery came down and a big silver logo went up that said ‘bond brewing’ and the head office was st georges terrace , perth went on the label . ”
lion is proud to manage australia’s leading beer portfolio , including xxxx , tooheys , hahn , james boag , james squire and little creatures . while we’re best - known for our beers , we also have a range of popular cider brands including 5 seeds , kirin and james squire orchard crush .
lion nathan acquires the remaining 50 per cent of natbrew holdings . tooheys , castlemaine perkins and the swan brewing company begin operating as independent breweries under the lion nathan umbrella . a year later , lion nathan acquires new south wales boutique brewer , hahn brewing , and the south australian brewing company .
douglas myers , acting as chairman of the lion nathan board , sells most of his 16 per cent share in lion nathan to kirin brewery company of japan . kirin goes on to acquire a 45 per cent interest in the company , creating the fourth largest brewing alliance in the world .
mixing work and play being originally from colorado , i wanted to have a place in the mountains . we got a unit in kosciuszko and put in small brewery , where we make the kosciuszko pale ale . this gives me a good excuse to fish and ski and put a brew through and still call it work .
another young brewer at xxxx at the time was ian chant who had joined the brewery in 1978 . ian recalls a heady time when not only the bigger brewers were going through times of change , he says the 80s also saw the rise of the microbrewer as well , and they were looking for people to do their brewing .
in one of the most successful brand launches in beer history , power’s lager burst upon the market , quickly taking a 10 per cent share in its home market . ironically , the seeds of its downfall were sown in this success . despite a period of intense competition lasting several years , power ended up partnering with cub before selling the brewery in 1992 .
the worst thing that happened to qld beer was the acquisition of the local 4x brewery by alan bond . it was a disaster . the best thing was the establishment of the power brewing co and a great beer . unfortunately he sold out to carlton and fourex is owned by an overseas group lion nathan . i believe if our accc was any good it would force these monopolies to divest some of their breweries especially castlemaine .
beer was considered a good alternative to the hard liquor . squire was soon followed by john boston who opened in 1795 . however unlike squire who lasted in the business until 1830 , boston was out within a year . but the taste was there and breweries began to open all over sydney . a government run brewery , australia’s first and only opened in 1804 at parramatta ( closed 1805 ) and by 1810 there were nine in total .
hahn had himself set up a brewery , going to market with his hahn premium lager in march 1988 , six months after power . he too met with immediate success and a swag of awards . however , within months of opening , the 1988 budget came down and fundamentally changed the marketplace adding a 20 per cent sales tax onto the existing excise . keating’s “recession we had to have” followed soon after , the combination seeing off many of the small brewers .
choosing beer over oil i started drinking at 18 and started brewing at 25 . i got a phd in chemical and petroleum engineering from colorado school of mines in 1970 . but i discovered you can’t drink oil . the university was just across town from the coors brewery so we used to go there to taste beer – every university student wants free beer . i discovered i had a very sensitive palate to beer , so that’s when i decided i wanted to stay in that business .
records include journals ; ledgers ; country and and town ledgers ; brewery and office wages books ; minute book of directors ' meetings , 1929 - 1946 ; property manager ' s diary , 1946 - 1950 , brewer ' s diary , 1946 - 1977 ; sales records of bottled beer , wine and spirits ; and portfolio of advertisements produced and assembled by goldberg advertising ( aust . ) pty ltd for the liquor trade council of nsw referendum campaign , including full series of social amenities league , ulva and ltc advertisements , 1946 - 1947 .
by 1828 there were 10 operating but another ten had been and gone . brewing was a tough business , with lots of competition and a scarcity of fresh ingredients to make a good product . alcohol content often compensated for quality . one such was the beer of burton brewery at parramatta ( 1822 - 1835 ) . the sydney gazette described their brew as being of ‘ such strength that many who drank of it…soon betrayed that reason was dethroned and madness and folly reigned instead ’ . still the breweries tried and by 1884 sydney had its most breweries with 23 , however three large players soon took control of the market .
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it’s perfect to enjoy for the weekend bbq when family or friends drop in . you can pair it with anything you put on the barbie including prawns , steak or roast chicken .
tanya marler , brand director at lion believes this launch is an exciting step for the brand and will be well - received by drinkers . “in 2014 there was a massive 18 . 8 per cent1 growth by volume in pale ale . our new offering shows that we are proud of our heritage , but also want to remain relevant for today’s modern beer drinker .
just bought a box and very happy with the new brew , hoping it popular and stays on the market . this is now my choice of beer
would like to know where i can purchase the new pale ale in broken hill nsw please .
it should be available in most major bottleshops . it may still be working its way through the distribution chain .
tried some today . kinda tastes like somebody put some old in my new . not sure what it’s meant to be but isn’t really a pale ale .
thanks paul – we have referred the question to lion and will advise when we have a response .
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australia will have a major new food and drinks group , with shareholders in the brewing company lion nathan approving a full takeover of the company by the japanese company , kirin holdings .
the $ 3 . 4 billion deal had already received enough proxy votes to give it 97 . 5 per cent approval before shareholders met this morning to vote on the proposal .
kirin already owned 47 per cent of lion , and made an offer four months ago worth $ 12 per share to take over the rest .
the deal will make the company the biggest single supplier to australia ' s supermarkets .
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born in the sunshine state back in 1878 , today the xxxx trademark can boast not only over 135 years of brewing excellence but also australia’s number 1 beer in xxxx gold . brewed at 3 . 5 % , xxxx gold is the easy drinking beer that’s big on taste , and we think best matched with big blue skies , sun - drenched days , good chats and great mates ! this year also marks the 90th birthday of xxxx bitter – first brewed back in 1924 by william ‘bill’ leitner and today known as a big - hearted , full flavoured lager that stands tall and proud for queensland quality . xxxx summer bright lager rounds out the portfolio ; a refreshing full strength , low carb beer that always looks on the bright side .
the hahn brewers have developed a range of quality beers to be enjoyed by modern australians . using the finest quality , natural ingredients , combined with the very latest in brewing technology , our beers are brewed for superior taste and quality .
inspired by tales of legendary australian outdoorsmen , iron jack is the story of a man who embraces the freedom and challenge of this hot , rugged country . he built his reputation on his conquests in the wild and by spinning a good yarn over a cold beer , while sharing a generous feast of his day’s catch . iron jack is a 3 . 5 % mid - strength lager brewed with our hot , rugged climate in mind . give it a whiff and you’ll pick up a little bit of hop aroma – give it a gulp and you’ll see the bitterness has been kept low so you get maximum refreshment , to crush your thirst .
james boag understood that there’s nothing on earth quite like tasmania’s natural purity . which means there are no other beers quite like james boag’s . the brand’s history stretches back to 1881 , when on the banks of the esk river in launceston , james boag and son established their tradition of brewing excellence .
a west australia icon , emu brands have been enjoyed by west australians for over 150 years & still enjoy a loyal following in the state .
swan draught is proudly brewed for western australian tastes & has been since its first drop in 1857 .
insulated packaging made from wool has given a sydney - based ready meals company a profitable point of difference .
traditional categories are converging , and foods and nutritional supplements are merging , as companies become savvier about the role of functional foods in easing global health problems .
the world health organisation has released a report stating that coffee works to prevent some cancers rather than acting as a carcinogen , as was previously thought .
packaging news ( pkn ) is the magazine for australia ' s packaging industry .
formed by the amalgamation of some of australia and new zealand’s most celebrated food and beverage companies , lion has a rich local heritage .
pura becomes australia ' s first and only national milk brand when national foods ' new crestmead milk plant is opened . a new milk plant at salisbury ( sa ) and a new cream plant at chelsea ( vic ) are also opened .
national foods announces plans to enter the queensland milk market with the construction of a plant at crestmead . the dairy foods plant at morwell opens .
the remainder of new zealand breweries takes on the name lion breweries . after 15 years as managing director then chief executive officer , douglas myers is appointed chairman of the lion nathan board .
national foods secures the rights to manufacture and distribute yoplait fresh dairy food products in australia .
masters dairy in west australia is acquired . national foods gains leadership of the national market milk sector .
national foods is listed on the australian stock exchange . the just juice brand is acquired .
lion nathan is formed when new zealand ' s largest retailer , ld nathan & co , merges with brewer , wine and spirit manufacturer and hotel operator , lion breweries .
campbell & ehrenfried sells shares in new zealand wines and spirits and purchase a 20 per cent share in lion breweries .
dairy farmers invests in an ultra high temperature ( uht ) production line . the long - life uht milk was a great success and the dairy farmers business gained an immediate market in the hotel and airline industry .
brian croser establishes petaluma in south australia and makes the first petaluma wine , a riesling from a goulburn valley vineyard .
new zealand wines & spirits is formed through a 50 / 50 joint venture by campbell & ehrenfried and new zealand breweries .
speight ' s is taken off the market , but reintroduced after public outcry .
the lindner family establish st hallett in australia ' s best known wine region , the barossa valley .
the first caricature of mr . fourex appears in an advertisement . xxxx bitter is born .
by the start of the 1920s , the dairy farmers co - operative was receiving , processing and selling nearly 23 million litres ( five million gallons ) of milk a year .
the dairy farmers co - operative milk co . was formed on january 15 1900 . sixty five stakeholders , many of them dairy farmers from the new south wales illawarra region , came together and agreed to run the new organisation on ' true co - operative lines ' . the co - operative would help these early farmers to work together to effectively market their milk and butter directly to consumers in the city .
ld nathan established as a trading company in russell , new zealand and moved to auckland soon after .
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john thomas toohey ( 1839 - 1903 ) and james matthew toohey ( 1850 - 1895 ) , brewers , were the sons of matthew toohey ( d . 1892 ) , businessman , and his wife honora ( d . 1878 ) , née hall . john thomas was born on 26 april 1839 at limerick , ireland , and was taken to melbourne by his parents in 1841 . his father bought town lots and settled many irish families in victoria . one of the founders of the st patrick ' s society in melbourne , he was a political ally of ( sir ) john o ' shanassy and ( sir ) charles gavan duffy . in the 1860s he was forced to sell at a loss ; in 1866 he went to new south wales and lived in virtual retirement . james matthew was born on 18 march 1850 in melbourne : he is said to have been named after fr matthew , the irish apostle of temperance .
vice - president of the licensed victuallers ' association , in 1886 james was appointed to the royal commission on the excessive use of intoxicating drink , but withdrew when he felt the balance between local and anti - local optionists was upset . in evidence to the commission he said that ' the system of shouting ' was the cause of all the excessive drinking in the colony and that beer was less injurious to health than ' the ardent spirits ' . he approved of the tied - house system and maintained that the 830 public houses in the sydney metropolitan licensing district were not an excessive number , though there were a few too many in certain areas of the city .
for health reasons john went on a world tour with his family in 1902 . he died suddenly in chicago on 5 may 1903 and was buried in the catholic section of rookwood cemetery , sydney . on 26 august 1871 at st mary ' s cathedral he had married sarah doheny who died in 1891 survived by two sons and three daughters . toohey was survived by his second wife , a widow annie mary murphy , née egan , whom he had married in auckland , new zealand . his estate was sworn for probate at £275 , 215 .
g . p . walsh , ' toohey , john thomas ( 1839–1903 ) ' , australian dictionary of biography , national centre of biography , australian national university , urltoken published first in hardcopy 1976 , accessed online 10 july 2018 .
this manuscript collection is awaiting further processing . usually 5 working days notice is required for access . please submit your request through ask a librarian
hotels - - new south wales . hotels - - australian capital territory . business records - - new south wales . brewing industry - - new south wales - - records and correspondence .
sydneysiders , on the whole , like a drink . a frosty beer after a hard day’s work or a cold kb on the hill at henson park watching the jets is a good thing . but where in sydney do these beers come from ? well in terms of brewing , not many places anymore .
this was not always the case of course . sydney has a long history of brewing beer with the first brewer , james squire starting in 1793 . squire was a convict who was allowed to brew beer to supplement the colonial rum rations .
if you want to read more about sydney breweries you can have a look at keith deutsher’s the breweries of australia : a history ( lothian books 1999 ) , where much of the above came from .
mark d and laila e , two sydney historians scratching the surface of the city . . .
do you by chance have contact info for keith deutsher ? we have been trying to contact him for months now regarding permission to reproduce a publication of his . if you have it , it would be much appreciated if you could send it .
adena , sorry about the delay but we don’t have a contact for keith either . good luck
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eight years ago matt kirkegaard sought an interview with alan bond to get his recollections about the heady days of brewing in the 1980s . he wasn’t able to obtain the interview , and with the news today of alan bond’s death won’t get the chance . here though is an article he wrote about those days that touches on alan bond’s influence on brewing the continues today…
reaching the legal drinking age in the 80s , i was more concerned with the volume than the quality of beer available . there weren’t too many decisions to be made in my salad days of beer drinking . none of this mid - strength , imported , low - carb , nonsense . jug or stubby was about it .
fourth generation brewer bill cooper had become the managing director of the family company in 1977 . bill recalls that at the start of the 80s there were 10 members of the industry group , australian associated brewers .
there had been much speculation in the late 70s about the possible purchase of many of the major breweries and swan brewing was not immune . during 1980 robert holmes a court bought up two million shares – three per cent of the company – and by december 1980 alan bond’s residential developments pty ltd also owned over 10 per cent of the company .
with concerns about takeovers rife , much talk in the industry was spent planning how to forestall outside takeovers . it seems the brewers figured that it was better to unite than fall to outsiders .
lion nathan’s bill taylor was brewing at castlemaine in brisbane at the time and recalls the merger taking place with little fanfare .
there may have been little fanfare but bill says that the mergers were an important part of the evolution of australia’s brewing business .
“it was a merger between two significant brewing companies in queensland and new south wales , ” bill says .
“there was synergy there . castlemaine was selling beer 2 , 000 kilometres north in cairns but not 100 kilometres south in tweed heads . ”
“back then that was the biggest takeover in australian corporate history , ” bill says now . “it was more than a billion dollars , and there had never been a billion dollar deal in australian business at that time . ”
at the time , the deal shook up the brewing world – or at least the world of beer drinkers . for taylor it shows how ingrained our beers were in our psyche then .
“it’s interesting , people wouldn’t care about that sort of change if it was a pair of shoes , a camera or a washing machine or a refrigerator . if it was petrol no one would care , ” he muses .
“but for some reason beer really has this emotional connection with people , or at least it did . i’m not sure if it does any more , but it did . ”
“i got invited to join a number of start - ups in the 80s but i guess i recognised that you can have a passion for brewing , but at the end of the day it’s a unit cost business , ” he said .
“my gut told me that a lot of people were going to go out there and get small breweries , pub breweries , up and running and were not going to succeed . ” he declined the offers .
still , he harboured some reservations about the new brewing monoliths that were forming , including his employer .
“i had the feeling at the time that a lot of people in the company thought castlemaine had an unassailable position , but my personal view was this wasn’t the case .
“i felt that there was a time for change and that time was not too far away . ”
as power describes it , he had several hotels in queensland from far north in the cape right down to the gold coast and he sold xxxx . he is matter of fact in describing the situation faced by hoteliers at the time .
“you basically did what you were told , ” he says . “if you were a lessee of a hotel , you didn’t sell the opposition beer , there’s no question about that .
“in those days if you were with a tied house , that was all you sold . you only sold exactly what castlemaine perkins gave you . ”
conditions got even tougher just before christmas 1985 when castlemaine changed the terms of credit it extended to hoteliers from 30 days to seven , with cub following suit a week later .
“it almost sent a large number of hoteliers to the wall . it was absolutely devastating , as you can imagine , at christmas when you had your big buy in and were relying on 30 days credit . ”
it was the last straw for power who resolved to do something about it .
learning that philippines brewer san miguel had a small brewing plant in storage on guam that they weren’t going to go ahead with , he made inquiries of the company . it turned out that the plant had been badly stored and the equipment damaged and worthless . still , his investigations showed him two things . there was a lot of equipment out there and , more importantly , there was a market .
“it became quite clear to me that there was a lot of discontent in the marketplace . hoteliers and others were angry , frustrated and didn’t like the company , or both companies in fact . ”
he contacted andrew crook , former head brewer at xxxx and a man power describes as the doyen of australian brewers . crook put him in contact with a dream team of international brewers and three young employees at castlemaine .
suddenly ian chant , the man who had been refusing an increasing number of offers to start breweries because of concerns about their viability , got an offer he couldn’t refuse .
“most of these people had maybe a couple of million dollars at the absolute maximum , and they thought they could do it on a shoestring , ” he said .
“when this one with bernie came up , suddenly we had a situation where you had a hotelier who had a number of distribution outlets , but more to the point he had a plan to secure funds . ”
“when bernie had a talk to us we shared the vision and we had the same feeling about what was going to happen in the industry .
“and we decided that we were going to play a part in it . ”
“the facts are that we ran out of beer , literally on the first day , and never caught up , ” is how power describes the situation .
“what we should have done was focussed on our state so we could supply it properly and manage it properly . ”
power’s assessment is backed up by another of the 80s’ brewing mavericks who drew swords against the might of the large breweries , chuck hahn .
“if bernie had been less ambitious he could have become the leading queensland brewer , but he wanted to take on the nation . ”cover _ powers . jpg
this era of beer and brewing cannot truly be captured in such a short space . the histories of beers are also the histories of people , and they are compelling stories . but what is the legacy of the period ?
“i think from the consumer’s point of view it’s opened up the country , there’s a wider variety of beers available to the consumer – all that occurred opened up the markets , ” he says .
“we used to sell beer in cairns , but we wouldn’t sell it past tweed heads . i don’t know why . was it the fear of the parochial consumer , did we think that new south welshmen wouldn’t drink a fourex ?
“all that’s sort of broken down now and the turning point seemed to be the 80s , so the consumer i think has been the big winner . ”
ian chant sees the social changes that took place , but he also looks at the period with a pride common to all who worked on the power’s project .


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 .