Citigroup expands trading platform offering with £358m acquisition


Citigroup expands trading platform offering with £358m acquisition

Antony Savvas

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. >>

European exchange selects clearing and settlement supplier >>
Technology change key to Citigroup restructuring plan >>

Citigroup likely to keep EGG setup >>


Related Topics: IT strategy, VIEW ALL TOPICS

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy