For years, the venue has used the public feed that’s fractions of a second slower than direct feeds from stock exchanges that many competitors use. The wholesale market-making unit, which has less than 5% market share, will begin scaling back in coming weeks, a person with direct knowledge of the plans said.
Raj Mahajan, hired this year as head of the equity electronic-execution business, is pushing to establish the firm as a top player in automated trading. The company last week said second-quarter equities revenue jumped 21% to $1.97bn, trailing only Morgan Stanley among U.S. banks.
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