TITLE

Citi Hedges Against Higher Trading Costs

AUTHOR(S)
O'Connor, Colleen Marie
PUB. DATE
January 2006
SOURCE
Investment Dealers' Digest;1/23/2006, Vol. 72 Issue 3, p10
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Citigroup Inc. has taken a significant step in protecting itself from the prospect of rising stock trading costs by acquiring Ontrade's technology platform, the guts of the electronic communications network run by NexTrade. The acquisition was a defensive move in protecting against rising fees and shrinking margins. The yet-to-be-renamed trading platform will trade all cash securities. The target audience of this platform would be institutional clients looking to fill large orders. As part of the agreement, NexTrade signed a noncompete clause but retained the broker-dealer license.
ACCESSION #
19511964

 

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