Citadel in talks to buy Citigroup electronic market-making unit

Citadel Securities is in talks to buy Citigroup’s electronic market-making unit Automated Trading Desk, according to people familiar with the matter.

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.

To access the complete Bloomberg News article hit the link below:

Citadel Said in Talks to Buy Citigroup Electronic Trading Unit

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