Citi to Shutter LavaFlow ECN
ECN is sixth-largest system in the US.
LavaFlow was brought into Citi's stable as part of the bank's acquisition of Lava Trading in 2004. The ECN was the sixth-largest system in the US as of data from the beginning of November, but was recently embroiled in a lawsuit from the Securities and Exchange Commission over its handling of customer data.
"Following a recent review of the LavaFlow ECN, we have decided that our capital, resources and efforts would be better redeployed to other areas within Citi's equities vivision," the banks says in a statement.
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