Big banks turning to electronic firms to navigate markets
Complex world of high-speed electronic trading brings opportunities for specialists like Virtu, Citadel Securities
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Washington
AFTER JPMorgan Chase & Co's shares plunged 21 per cent in the opening minutes of trading on Aug 24 last year, the world's largest investment bank sought out an unlikely ally, Virtu Financial Inc, to help it understand what happened.
The lion was turning to a mouse for help navigating the jungle where it has long been king. JPMorgan spends more on technology in six months than Virtu's equity is worth. It has 240,000 employees to Virtu's 148.
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