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
US holds quarterly debt sale steady, starts buybacks this month
Binance founder Zhao Changpeng gets four months in prison
Citigroup sees loan book hit in climate action ramp-up, document shows
Actively managed funds ‘bleed’ client cash in ESG upheaval
UAE's top bank FAB beats Q1 profit estimates
Bitcoin faces worst month since FTX crash with ETF demand cooling