Citi closes market making business in retail options: FT
[BENGALURU] Citigroup Inc has closed its market making business in retail options that serves retail broker-dealers, the Financial Times reported on Wednesday, citing three people with knowledge of the decision.
The bank closed the business at the start of last month, the FT said, adding that Citi maintained its market making operations for institutional investors and high-net-worth customers.
Citi pulled out as it was unable to compete in a technology arms race to be among the fastest and most reliable venues on Wall Street, according to the report.
Citi did not immediately respond to a Reuters request for comment.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog