The high-frequency trading firm KCG is up 23% on a report Virtu Financial wants to buy it for $1.2 billion

The e-trading firm Virtu Financial is looking to buy KCG Holdings for $1.2 billion, CNBC reports, citing Dow Jones.

Shares in KCG jumped 23% on the news.

KCG, founded in 2013 and based in New York, does high-frequency trading, electronic execution, institutional sales and trading, and market making.

Virtu, founded in 2008, is one of the largest high-frequency trading firms and operates on a number of exchanges, markets, and dark pools.

More to come...