Thursday, 25 August 2016
Last updated 28 min ago
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.