Citadel Limits Role In New Futures Exchange

Oct 30 2008 | 11:59am ET

Now that it’s working with the Chicago Mercantile Exchange, Citadel Investment Group is trying to make nice.

The Chicago hedge fund giant is scaling back its role in the ELX Electronic Liquidity Exchange, which aims to challenge the CME Group’s dominance in U.S. Treasury bonds and other futures. The move comes after the two Chicago firms joined forces to found a clearinghouse for credit default swaps. That venture is scheduled to debut next month.

The ELX, a joint venture of a dozen firms, including JPMorgan Chase and Citigroup, was announced in December. Citadel will continue to own a stake in the new exchange, but CEO Ken Griffin will no longer sit on its board of directors.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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