Dec. 2, 2014, 11:31 AM
Thomson ReutersCitigroup logo is pictured from the floor of the New York Stock Exchange
NEW YORK (Reuters) – Citigroup Inc said on Tuesday it is shutting down its alternative stock trading venue LavaFlow at a time when regulatory scrutiny around broker-run trading platforms has increased, forcing banks to rethink their costs.
“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,” Citi said in a statement.
(Reporting by John McCrank; Editing by Chizu Nomiyama)
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