Citi Takes Stake in a Trader

Published June 01, 2007, 1:00 a.m. EDT

Updated May 31, 2007, 4:15 p.m. EDT

1 Min Read

Citigroup Inc. announced Thursday that it has bought a minority stake in Bats ECN, a Kansas City, Mo., trader in U.S. equity securities.

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The price of the deal was not disclosed.

Citigroup, a New York-based banking company, participated in the latest round of investing along with several existing Bats investors to give the company $45 million of new funding.

Bats ECN is a subsidiary of Bats Trading Inc.

The Kansas City unit, which was started in January 2006, is designed to handle high-speed, high-volume, anonymous, reliable, algorithmic trading.

Other investors in the trading platform include Credit Suisse, Getco LLC, Lehman Brothers, Lime Brokerage LLC, Merrill Lynch & Co. Inc., Morgan Stanley, and Wedbush Inc.

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