Ken Griffin's Citadel Securities to Shutter Dark Pool

Mar 30 2015 | 12:09pm ET

Citadel Securities is shifting focus to its Citadel Connect dark pool and will shutter its Apogee service.

Citadel Securities, which is owned by hedge fund magnate Ken Griffin, has informed clients of its plan to shift resources toward Citadel Connect and ultimately halt trading on Apogee, according to media reports citing individuals familiar with the matter.

Both Citadel Connect and Apogee are electronic market-making platforms, often called dark pools, on which buyers and sellers can trade anonymously off-exchange. Apogee currently accounts for less than 1% of Citadel Securities’ overall business, according to the reports. 

Regulators have focused on dark pools due to a lack of disclosure on trading volumes and inside pricing of securities traded, among other issues. Swiss bank UBS is the latest Wall Street firm to pay millions of dollars in fines to the SEC to settle charges that its dark pool gave its clients an unfair advantage. 

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