Exchange operator BATS Global Markets is in discussions to buy institutional foreign exchange trading platform Hotspot from KCG Holdings Inc (KCG.N) for nearly $400 million, three sources close to the situation said on Friday.
Jersey City, New Jersey-based KCG said in October it had begun to explore strategic options for Hotspot and that it would sell the unit if doing so would create the best value for its shareholders. KCG also owns a 16.5 percent stake in privately held BATS and has said on several occasions that it might consider selling the stake for the right price.
A spokesman for BATS and a spokeswoman for KCG declined to comment.
The talks between BATS, the No. 2 U.S. stock market operator by volume, and KCG, a financial services provider, are advanced, but a deal is not guaranteed, said one of the sources, all of whom declined to be named because the details are not public.
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