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Industry: Email Alert RSS FeedTop Trading Desk Builds A Bulletin Board Empire.(Citigroups Global Markets)(Brief Article)
Traders, May, 2004 by Chapman, Peter
Citigroup Global Markets is joining the major leagues of OTCBB trading.
The big trading shop, which plans to make markets in up to 1,500 Bulletin Board names, recently hired a top trader from Knight Trading Group to run the operation. Gary Meselsohn, formerly co-head of OTC trading at Knight, will head the group. The group's ambitious plans include a new trading platform, which it is rolling out.
Citigroup currently makes markets in a small number of preferred stocks in Nasdaq's Bulletin Board market. As measured by volume, the firm is not a big player. For the month of March, Citigroup traded only 1.6 million shares, mostly in one name. The top four players, on the other hand, traded a combined 27 billion shares.
Citigroup expects its...
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