Market-Making Arm of Citadel LLC in Talks to Buy Seats on NYSE Floor From KCG Holdings
February 03 2016 - 4:39PM
Dow Jones News
By Bradley Hope
The market-making arm of hedge fund Citadel LLC is in talks to
buy the seats on the floor of the New York Stock Exchange owned by
KCG Holdings Inc., according to people familiar with the
matter.
Citadel Securities, a group owned by the Chicago-based hedge
fund, is the would-be acquirer in the deal, the people said. The
group is best known for its so-called wholesaler business that
executes orders from retail investors on behalf of big brokerages
such as TD Ameritrade Holding and Fidelity Investments.
The deal comes after Global Trading Systems, the New York-based
high-frequency trading firm, last month said it agreed to buy the
NYSE seats of British bank Barclays PLC.
Computerized trading firms such as Citadel Securities and GTS
are playing an increasingly prominent role in a floor-trading
business that was long the domain of big banks and specialist
firms.
Citadel and KCG couldn't immediately be reached for comment.
KCG is the product of a 2013 merger between Knight Capital and
high-frequency trading firm Getco LLC.
Write to Bradley Hope at bradley.hope@wsj.com
(END) Dow Jones Newswires
February 03, 2016 16:24 ET (21:24 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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