Citigroup will close its private stock trading venue next month.
Bloomberg News reports that the bank’s LavaFlow platform, a type of market known as an electronic communications network, will shut on January 30, said Scott Helfman, a spokesman. The system was the sixth-biggest in the U.S. for trading larger stocks, according to data from the Financial Industry Regulatory Authority.
“Following a recent review of the LavaFlow ECN, we have decided that our capital, resources and efforts would be better redeployed to other areas within Citi’s equities division,” Helfman said in an e-mail.
Citigroup has three dark pools which will continue to operate after LavaFlow closes. Citi Cross, Citi Liquifi and Citi Match saw total market shares of 0.14%, 0.05% and 0.03% in October, according to latest data from Rosenblatt Securities.
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