A unit of Citigroup Inc has shut down one of its private stock trading venues, o...
FILE PHOTO: A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. REUTERS/Mike Segar/File Photo
Citigroup Global Markets’ CitiCross alternative trading system ceased operations on April 30, according to a filing from the U.S. Securities and Exchange Commission. Last month Citi reported a 24 percent drop in equities trading revenue in the first quarter due in part to lower market volumes, pressuring the bank’s overall revenue.
Dark pools are electronic broker-run trading venues, and every big bank has one. They allow investors to trade shares without the trading data becoming available until after the trades happen, reducing the chance that others in the market will catch wind of the buyer’s or seller’s intentions and move the price against them.
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