New York
VIRTU Financial Inc's billion-dollar purchase of KCG Holdings Inc this year more than doubled the size of its business that smooths trading of exchange-traded funds.
Now, armed with extra clout, the New York-based high-speed market maker has a 20-year-old US rule in its sights. If the Financial Industry Regulatory Authority revises its Rule 5250, Virtu contends, it can help solve a pervasive problem in the industry by breathing life into small ETFs. About 24 per cent of US funds saw less than US$100,000 traded each day on average in the past year, according to data compiled by Bloomberg.
The regulation bars traders from getting paid by public companies for buying and selling their stocks...
Keyword added to your list