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Article: Citadel, Scoring with Retail Brokers, Snags New Flow.(Citadel Execution Services)
- Article from:
- Traders
- Article date:
- March 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Citadel Execution Services, after entering the equities wholesale business only late last year, is already grabbing market share.
The broker-dealer arm of the large hedge fund has signed up at least 15 customers for its automated market making service, including some of the biggest names in the business, according to chief executive Matt Andresen.
"We launched in late August," the exec said, "and are now up and running on all of our proprietary systems. We have more than 15 clients trading live on the system."
Among them are Ameritrade, E*Trade, TD Waterhouse and Scottrade, four of the industry's largest discount retail brokers.
In the ...