By Dan Ilett, 20 January 2006 16:55
NEWS
Citigroup is launching its own electronic stock-trading network which could compete with the likes of the Nasdaq and the New York Stock Exchange (NYSE).
The move follows the company's acquisition of OnTrade, an electronic communications network (ECN) run by a company called NexTrade.
Before trading can start on the ECN, Citigroup said it would have to make some changes to the network. Trading should be able to commence in the second quarter of 2006.
Jim O'Donnell, head of Citigroup US Equities, said: "In a time of significant changes in market structure, our goal is to create an ECN that provides execution flexibility for ourselves, other dealers and our respective clients."
According to reports, the Nasdaq and the NYSE are to expand their e-trading networks through acquisitions.
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