Citigroup is acquiring US-based Automated
Trading Desk (ATD) to boost its automatic trading technology
offering to brokers.
Citigroup is paying £358m for ATD, which will operate as a unit
of Citi’s Global Equities business. ATD adds a network of
broker-dealer customers to Citi’s diverse base of institutional,
broker-dealer and retail customers.
Citi intends to use its global capabilities and expand ATD’s
technology and trading expertise to markets around the world.
James Forese, head of Global Equities at Citi, said, “The
combination of Citi’s Global Equities business and ATD will create
a leading US
stock trading platform.”
ATD will maintain its headquarters in Mount Pleasant, South
Carolina. ATD’s CEO Steven Swanson will retain his role as CEO of
ATD, and lead the global expansion and development of Citi’s
electronic market making capabilities.
The acquisition of ATD is the latest in a series of acquisitions
and investments Citi has made in recent years to strengthen its
electronic and alternative execution business.
These acquisitions include
Lava Trading, Knight’s
options market making business, TD Waterhouse Capital Markets and
the OnTrade ECN.
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