Citadel Out Of Running For E*Trade Unit

Oct 7 2013 | 9:45am ET

Citadel Investment Group will not buy the market-making business of E*Trade Financial, the retail brokerage twice bailed out by the hedge fund.

Chicago-based Citadel, which already has its own market-making unit, had been among those tipped to buy G1 Execution Services since E*Trade said in July it would exit the business. G1X is currently under Financial Industry Regulatory Authority investigation over its order-routing practices.

Citadel first invested in E*Trade in 2007 and was among the troubled company's largest shareholders until March, when it exited the investment. Citadel founder Kenneth Griffin, who joined the E*Trade board in 2009, left it in May.

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