You know what’s a surprisingly not-great business? High frequency trading, for Getco anyway. A couple months back Getco signed a deal to acquire Knight Capital after one of Knight’s computers had an unfortunate couple of minutes. Yesterday Knight and Getco filed a joint S-4 containing a passel of merger details and Getco financials, and they’re sort of sad:

The sadness is really brought home by the fact that, if current trends hold, this year the average Getco employee will take home less than the average Goldman Sachs employee for the first time in modern memory. The Getco employees will still be a bit more productive, revenue-wise, though it’s getting closer: Read more »