Dark future for pool traders as more jobs will go

Axe In Wood

The US electronic stock-trading business continues to retrench

The New York Post reports that the Street’s high-speed stock traders are being dumped overboard as more layoffs and closures rock the thinning ranks of demoralized equity desks.

Slammed by stricter regulatory enforcement and mediocre volume, the US electronic stock-trading business continues to retrench — and it’s taking down some high-profile stars.

Citigroup is one of the latest victims. Last week, the bank confirmed its plan to shut down its private electronic stock-trading network, LavaFlow ECN, early next year.

LavaFlow agreed to pay the Securities and Exchange Commission $5m, including a $2.85m penalty, on charges it failed to protect sensitive information. And this past October, Wells Fargo said it was shuttering its “dark pool” alternative trading system (ATS).

To access the complete New York Post article hit the link below:

Wall Street’s dark pools being drained by regulations, losses

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