KCG Holdings, Inc. (NYSE: KCG)

2nd Quarter 2015 Earnings Presentation

July 31, 2015

Exhibit 99.2

Safe Harbor

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words such as "believe," "expect,"

"anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would,"

"should," "could" or "may," or by variations of such words or by similar expressions. These "forward-looking statements" are not historical facts

and are based on current expectations, estimates and projections about KCG's industry, management's beliefs and certain assumptions made by

management, many of which, by their nature, are inherently uncertain and beyond our control. Any forward-looking statement contained herein

speaks only as of the date on which it is made. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees

of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation,

risks associated with: (i) the strategic business combination (the "Mergers") of Knight Capital Group, Inc. ("Knight") and GETCO Holding

Company, LLC ("GETCO"); (ii) difficulties and delays in fully realizing cost savings and other benefits of the Mergers and the inability to manage

revenue capture and sustain revenue and earnings growth; (iii) the sale of KCG Hotspot; (iv) changes in market structure, legislative, regulatory

or financial reporting rules, including the increased focus by regulators, the New York Attorney General, Congress and the media on market

structure issues, and in particular, the scrutiny of high frequency trading, alternative trading systems, market fragmentation, colocation, access

to market data feeds, and remuneration arrangements such as payment for order flow and exchange fee structures; (v) past or future changes to

KCG's organizational structure and management; (vi) KCG's ability to develop competitive new products and services in a timely manner and the

acceptance of such products and services by KCG's customers and potential customers; (vii) KCG's ability to keep up with technological changes;

(viii) KCG's ability to effectively identify and manage market risk, operational and technology risk (such as the events that affected Knight on

August 1, 2012), legal risk, liquidity risk, reputational risk, counterparty and credit risk, international risk, regulatory risk, and compliance risk;

(ix) the cost and other effects of material contingencies, including litigation contingencies, and any adverse judicial, administrative or arbitral

rulings or proceedings; (x) the effects of increased competition and KCG's ability to maintain and expand market share; and (xi) the announced

plan to relocate KCG’s global headquarters from Jersey City, NJ to New York, NY. The list above is not exhaustive. Readers should carefully

review the risks and uncertainties disclosed in KCG's reports with the SEC, including, without limitation, those detailed under "Risk Factors" in

KCG's Annual Report on Form 10-K for the year-ended December 31, 2014, Quarterly Report on Form 10-Q for the quarter-ended March 31,

2015, and other reports or documents KCG files with, or furnishes to, the SEC from time to time.

For additional disclosures, please see https://www.kcg.com/legal/global-disclosures.

2nd Quarter 2015 Summary

Financial results negatively impacted by the deterioration in market conditions in the

U.S. equity market from the 1st quarter

Results also impacted by items unrelated to core operations including an acceleration in

non-cash compensation expense, debt extinguishment charges and other real estate

related charges

Gained more than one full percentage point in retail SEC Rule 605 U.S. equity share

volume from the 1st quarter

Grew the percentage of algorithmic trading and order routing net revenue attributable to

institutional clients for the third straight quarter

Repurchased 23.6 million shares of KCG Class A Common Stock for approximately $330

million through a “modified Dutch auction” tender offer

Completed the refinancing of $305 million 8.25% Senior Secured Notes due in 2018

Subsequent to the quarter, entered into agreements to relocate global headquarters to

New York City

1

KCG Financial Results

Pre-Tax Earnings (Loss) from Continuing Operations By Business Segment

(in thousands)

(unaudited)

For the three months ended

June 30, 2014

March 31, 2015

June 30, 2015

Market Making

Revenues

$     218,446

$

224,548

$

192,328

Expenses

182,442

185,208

187,926

Pre-tax earnings

36,004

39,340

4,402

Global Execution Services

Revenues

85,903

464,266

63,522

Expenses

85,167

83,208

73,459

Pre-tax earnings (loss)

736

381,058

(9,937)

Corporate and Other

Revenues

9,784

7,342

6,032

Expenses

32,017

21,612

57,611

Pre-tax loss

(22,233)

(14,270)

(51,579)

Consolidated

Revenues

314,133

696,156

261,882

Expenses

299,626

290,028

318,996

Pre-tax earnings (loss)

$     14,507

$     406,128

$     (57,114)

Notes:

2

1

See addendum for a reconciliation of GAAP to non-GAAP financial results.

1

2nd

quarter

2015

results

include

expenses

of

$60.2

million

related

to

accelerated

stock-based

compensation,

a

debt

make-whole

premium,

a

writedown

of

capitalized

debt

costs

and

other

real

estate-related

charges

1st

quarter

2015

results

include

a

gain

of

$385.0

million

from

the

sale

of

KCG

Hotspot

as

well

as

expenses

of

$11.3

million

directly

related

to

the

sale

plus

other

real

estate

related

charges

2nd

quarter

2014

results

include

expenses

of

$7.0

million

from

compensation

related

to

a

reduction

in

workforce,

a

writedown

of

capitalized

debt

costs,

and

other

real

estate

related

charges

Market Conditions

Sources:

BATS

Global

Markets,

RegOne

Solutions,

Thomson

Reuters,

OCC,

CSI,

Bloomberg,

Reuters,

EBS,

SIFMA,

TRACE,

MSRB;

2Q15

SEC

Rule

605

U.S.

equity

share

volume

includes

an

estimate

of

June 2015 total based on public and proprietary data

3

Avg. daily volume in select securities markets

2Q14

1Q15

2Q15

Consolidated U.S. equity share volume

6.1 bn

6.9 bn

6.4 bn

690.2 mn

805.1 mn

722.1 mn

ETF share volume

638.7 mn

1,002.9 mn

871.1 mn

Consolidated U.S. equity dollar volume

$242.8 bn

$285.6 bn

$260.3 bn

U.S.

equity futures contracts

3.6 mn

3.5 mn

3.5 mn

U.S. options contracts

15.8 mn

16.3 mn

15.2 mn

European equity notional value traded (USD)

$1,080.2 bn

$1,272.7 bn

$1,237.3 bn

Asian equity

share volume

6.1 bn

6.0 bn

6.8 bn

U.S.

Treasury notional volume

$487.5 bn

$531.8 bn

$480.9 bn

U.S.

corporate

bond

notional

volume

$20.2 bn

$23.9 bn

$27.0 bn

Transactions under 250 bonds

12,372

12,622

12,182

FX

notional

value

traded

(USD)

among

reporting

venues

$206.6 bn

$271.2 bn

$236.9 bn

Average

daily consolidated U.S. equity share volume

Average daily consolidated U.S. equity dollar volume

Average realized volatility for the S&P 500

Market conditions in U.S. equities

A continued decline in the U.S. equity market

from 1Q15

-

Avg. daily consolidated U.S. equity dollar and share

volume decreased 8.9% and 8.2%, respectively, quarter

over quarter

-

Market-wide retail SEC Rule 605 U.S. equity share

volume declined 10.3% qoq

while ETF share volume

decreased 13.1%

Mixed market conditions in all other asset classes

-

Avg. daily European equity notional volume declined

2.8% quarter over quarter while Asian equity share

volume rose 12.7%

-

Avg. daily notional volume of U.S. Treasuries declined

9.5% while U.S. corporates rose 13.0%

8,000

2

$400,000

6,000

$300,000

4,000

$200,000

2,000

$100,000

2Q14                          1Q15                         2Q15

9.2

13.9

“Retail”

SEC

Rule

605

U.S.

equity

share

volume

1

1

10.3

The Market Making Segment

U.S.

equities

Non-U.S. equities

4

Sources: KCG, SEC, RegOne

Solutions;   2Q15 SEC Rule 605 share volume  includes an estimate of June 2015 total based on public and proprietary data.  

Revenue from market making in U.S. equities

of $140.3 million in the second quarter of 2015 is a factor, along with total dollar volume during the quarter of $1.76 trillion that results in average revenue capture of 0.80 basis points. Market making

in non-U.S. equities includes European and Asian equities, fixed income, currencies and commodities.

2Q15

Market

Making

revenue

distribution

2

Market share gains of consolidated and retail U.S.

equity share volume offset by strong competition

and narrow spreads

KCG increased market share of both consolidated U.S.

equity share volume and SEC Rule 605 share volume

Competition based on execution quality amid declining

retail trading activity tightened spreads

A slight increase in contributions from all other

asset classes

Results from Asian equities, U.S. commodities and

European fixed income offset in part by U.S. fixed

income

-20%

-10%

0%

10%

20%

30%

40%

50%

-$100

-$50

$0

$50

$100

$150

$200

$250

2Q14

1Q15

2Q15

KCG revenue from U.S. equity market making

Avg. daily SEC Rule 605 U.S equity share volume*

Avg. daily consolidated U.S equity dollar volume

Avg. daily consolidated U.S equity share volume

Avg. realized volatility for the S&P 500

758.3

933.0

884.8

175.6

198.9

186.9

0

200

400

600

800

1,000

2Q14

1Q15

2Q15

73%

27%

Primary

drivers

of

revenues

from

U.S.

equities

1

KCG avg. daily exchange-listed share volume

KCG avg. daily SEC Rule 605 U.S equity share volume 

1

2

KCG retail and total exchange-listed volume

Market-Wide Retail Investor Flows in 2Q15

KCG’s Individual Investor Gauge represents estimated market-wide gross and net retail investor

flows based on public and proprietary data derived from monthly SEC Rule 605-eligible volume.

Market-wide gross and net retail investor flows declined an estimated 10.6% and 68.5%, respectively,

quarter over quarter

5

$0

Est. Market-Wide Gross and Net Retail U.S. Equity Flows

Market-Wide Net (Est.)

Market-Wide Gross (Est.)

$100,000,000,000

$200,000,000,000

$300,000,000,000

$400,000,000,000

$500,000,000,000

$600,000,000,000

-$15,000,000,000

-$10,000,000,000

-$5,000,000,000

$0

$5,000,000,000

$10,000,000,000

$15,000,000,000

$20,000,000,000

$25,000,000,000

$30,000,000,000

$35,000,000,000

The Global Execution Services Segment

6

Contributions of algorithmic trading and sales and

trading teams offset by decline in consolidated

U.S. equity share volume and sale of KCG Hotspot

Grew the percentage of net revenue from algorithmic

trading and order routing attributable to institutional

clients for the third straight quarter

During the 2nd quarter, 18 new institutional clients

began using KCG algorithms and 10 more onboarded

A market-wide decline in ETF trading activity impacted

results

Steady performance of trading venues

KCG BondPoint

set new highs for market share of

corporate and muni bond transactions under 250

bonds

-12.8%

-0.4%

-8.5%

22.3%

18.5%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2Q14

1Q15

2Q15

Percentage growth of KCG algorithmic trading

among institutional investors¹

Consolidated U.S. equity share volume

KCG algorithmic trading U.S. equity share volume from institutional investors

18.6%

19.5%

19.9%

6.4%

6.3%

6.9%

0%

5%

10%

15%

20%

25%

2Q14

1Q15

2Q15

KCG BondPoint market share of interdealer

bond transactions under 250 bonds

Corporate bonds

Muni bonds

Sources: KCG, BATS Global Markets, TRACE, MSRB, Rosenblatt;    Represents the percentage growth from 1Q14 average daily share

volume

1

54%

60%

62%

0%

20%

40%

60%

80%

100%

2Q14

1Q15

2Q15

Growth of algorithmic trading / order routing

net revenues from institutional clients

Buy-side clients

Sell-side clients

-8.8%

Consolidated Non-GAAP Expenses

Compensation and benefits

Communications and data processing

Depreciation and amortization

Debt interest expense

Professional

fees

Occupancy and equipment rentals

Business

development

Other

Compensation and benefits declined to $80.6

million quarter over quarter due to lower

discretionary bonus accruals

Other expenses rose $2.8 million due to an

increase in recruiting fees, regulatory charges

and other contributions

Debt interest expense rose $1.5 million due to

the higher debt level post-refinancing and an

overlapping half month of interest on the

8.25% Senior Secured Notes

Professional fees rose $1.2 million primarily

due to

costs related to the tender offer

Among transaction-based expenses not

included in the chart, Execution and clearance

fees declined $5.9 million due to declines in

KCG trade volumes as well as a full quarter of

reduced regulatory transaction fees

7

†

See addendum for a reconciliation of GAAP to non-GAAP financial results.

$194.9 mn

$186.6 mn

$172.4 mn

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

2Q14

1Q15

2Q15

Consolidated quarterly expenses

†

Additional Financials

Consolidated Statements of Financial Condition

(in millions)

(unaudited)

June 30, 2014

March 31, 2015

June 30, 2015

Cash

and cash equivalents

$     600.9

$     990.5

$     541.3

Debt

422.3

799.8

495.1

Stockholders’ equity

1,533.7

1,783.3

1,471.2

0.32

0.30

0.37

$11.04

$13.86

$14.05

Book value per share

$12.66

$15.10

$15.58

stock units (in thousands)

121,111

118,091

94,420

1

Debt at March 31, 2015 includes the 8.25% $305 million Senior Secured Notes, which were redeemed subsequent to the quarter close

using funds held in escrow.    Debt-to-tangible equity ratio at

March 31, 2015 excludes the $305 million senior secured notes redeemed subsequent to the quarter close.

Tangible book value is calculated by subtracting goodwill and intangible assets from equity.

8

1

2

4

Tangible book value per share

Debt-to-tangible equity ratio ²

3

Shares outstanding including restricted

Planned Relocation of Global Headquarters to NYC

KCG has entered into agreements to relocate global headquarters to New York City

The consolidation of Jersey City, NJ and New York, NY offices at 300 Vesey Street in

lower Manhattan will reduce total occupied space to 169,000 square feet from 311,00

square feet

Further, the consolidation of employees in one location is expected to provide cultural

and recruiting benefits

During the 2nd quarter, KCG recorded charges of $6.3 million in accelerated

depreciation and amortization on assets being abandoned as part of the relocation as

well as other consolidation of space

As a result, KCG expects to record going forward expenses including:

-

Non-recurring, real estate charges of $25 to $30 million in the 3rd quarter of 2015 related to the

early termination of leases at 545 Washington Boulevard in Jersey City, NJ and 165 Broadway in

New York, NY as well as a consolidation of space at 350 N. Orleans Street in Chicago, IL

-

Added depreciation and amortization expenses of approximately $4.5 to $5.0 million per quarter

beginning in the 3rd quarter of 2015 and running through the 4th quarter of 2016

-

Added occupancy costs of approximately $1.5 million per quarter beginning in the 4th quarter of

2015 and running through the 4th quarter of 2016

9

Market Making

Global Execution

Services

Corporate and

Other

Consolidated

GAAP revenues

$     224,548

$     464,266

$     7,342

$     696,156

Gain

on sale of KCG Hotspot

-

(385,026)

-

(385,026)

Non-GAAP revenues

$     224,548

$     79,240

$     7,342

$     311,130

Regulation G Reconciliation of Non-GAAP

Financial Measures (Continuing Operations)

11

3 months ended March 31, 2015

Reconciliation of GAAP revenues to non-GAAP revenues:

Regulation G Reconciliation of Non-GAAP

Financial Measures (Continuing Operations)

Market Making

Global Execution

Services

Corporate and

Other

Consolidated

$     4,402

$     (9,937)

$     (51,579)

$     (57,114)

19,844

8,202

803

28,849

Debt make-whole premium

-

-

16,500

16,500

Writedown

of capitalized debt costs

-

-

8,506

8,506

Other real estate related charges

-

-

6,237

6,327

$     24,246

$     (1,735)

$     (19,443)

$     3,068

12

3 months ended

June  30, 2015

Reconciliation of GAAP pre-tax to non-GAAP pre-tax:

GAAP income (loss) from continuing operations before income taxes

Accelerated stock-based compensation

Non-GAAP income (loss) from continuing operations before

income taxes

Regulation G Reconciliation of Non-GAAP

Financial Measures (Continuing Operations)

3 months

ended March

31, 2015

Market Making

Global Execution

Services

Corporate and

Other

Consolidated

Reconciliation

of GAAP pre-tax to non-GAAP pre-tax:

GAAP income

(loss) from continuing operations before income taxes

$     39,340

$     381,058

$     (14,270)

$     406,128

Gain

on sale of KCG Hotspot

-

(385,026)

-

(385,026)

Professional fees related to sale of KCG Hotspot

-

6,736

-

6,736

Compensation expense related to sale of KCG Hotspot

-

4,457

-

4,457

Other real estate related charges

-

-

132

132

Non-GAAP income (loss) from continuing operations before

income taxes

$     39,340

$     7,225

$     14,138

$     32,427

13

Regulation G Reconciliation of Non-GAAP

Financial Measures (Continuing Operations)

3

months

ended

June

30,

2014

Market Making

Global Execution

Services

Corporate and

Other

Consolidated

Reconciliation

of GAAP pre-tax to non-GAAP pre-tax:

GAAP income

(loss) from continuing operations before income taxes

$     36,004

$     736

$     (22,233)

$     14,507

Writedown

of capitalized debt costs

-

-

1,995

1,995

Compensation related to reduction in workforce

383

1,886

800

3,069

Other real

estate related charges

452

-

1,489

1,941

Non-GAAP

income

(loss)

from

continuing

operations

before

income

taxes

$     36,839

$     2,622

$     (17,949)

$     21,512

14

Regulation G Reconciliation of Non-GAAP

Financial Measures (Continuing Operations)

GAAP

Adjustments for

non-GAAP presentation

KCG non-GAAP, normalized

expenses

Reconciliation of GAAP expenses to KCG non-GAAP normalized

expenses:

Employee compensation and benefits

109,471

28,849

80,622

34,240

-

34,240

Depreciation and amortization

20,726

-

20,726

Debt interest expense

9,989

-

9,989

Professional fees

5,694

-

5,694

Occupancy and equipment rentals

7,474

-

7,474

Business development

3,025

-

3,025

Other

real estate and debt extinguishment charges

31,333

31,333

-

Other

10,652

-

10,652

Total expenses

$     232,604

$     60,182

$     172,422

15

1

Total expenses exclude transaction-based expenses which fluctuate based on market conditions and client activity.

1

Communications and data processing

3 months ended June

30, 2015

Regulation G Reconciliation of Non-GAAP

Financial Measures (Continuing Operations)

GAAP

Adjustments for

non-GAAP presentation

KCG non-GAAP, normalized

expenses

Reconciliation of GAAP expenses to KCG non-GAAP normalized

expenses:

Employee compensation and benefits

106,718

4,457

102,261

33,764

-

33,764

Depreciation and amortization

20,615

-

20,615

Debt interest expense

8,463

-

8,463

Professional fees

11,181

6,736

4,445

Occupancy and equipment rentals

7,340

-

7,340

Business development

1,857

-

1,857

Other

real estate related charges

132

132

-

Other

7,808

-

7,808

Total expenses

$     197,878

$     11,325

$     186,553

16

1

Total expenses exclude transaction-based expenses which fluctuate based on market conditions and client activity.

3 months ended March

31, 2015

Communications and data processing

1

GAAP

Adjustments for

non-GAAP presentation

KCG non-GAAP, normalized

expenses

Reconciliation

of GAAP expenses to KCG non-GAAP,

normalized expenses:

Employee compensation and benefits

103,430

3,069

100,361

Communications

and data processing

38,279

-

38,279

Depreciation and amortization

19,823

-

19,823

Debt interest expense

7,497

-

7,497

Professional fees

7,337

-

7,337

Occupancy and equipment rentals

8,235

-

8,235

Business development

2,609

-

2,609

Other

real estate and debt extinguishment charges

3,936

3,936

-

Other

10,767

-

10,767

$     201,913

$     7,005

$     194,908

Regulation G Reconciliation of Non-GAAP

Financial Measures (Continuing Operations)

17

1

Total expenses exclude transaction-based expenses which fluctuate based on market conditions and client activity.

3 months ended June 30, 2014

Total

expenses

1