Bloomberg News reports that the people, who asked not to be named because the talks are private, didn’t disclose a potential sale price. Negotiations are still in flux and a deal could fall apart. Citigroup purchased Automated Trading Desk for about $680m in 2007.
Citadel is already one of the largest market makers -- the industry term for traders that facilitate others’ transactions -- in assets like stocks. If Citigroup parts with Automated Trading Desk, it’ll represent the latest bank to retreat from market making.
Automated Trading Desk -- considered one of the first high-frequency trading firms -- was also shopped to algorithmic hedge fund Two Sigma Securities, according to one of the people.
Representatives of Citadel, Citigroup and Two Sigma declined to comment.
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