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January 18, 2006

Citigroup to launch electronic communications network

Looking to expand on its market offerings, US bank Citigroup has revealed that it is preparing to launch its own electronic communications network, a move that is likely to draw traffic away from the New York Stock Exchange and Nasdaq Stock Market.

By CBR Staff Writer

Citigroup Corporate and Investment Banking (CIB) says the electronic communications network (ECN) will utilize the technology assets of the recently acquired OnTrade Inc. It also explained that the OnTrade ECN will operate in its current state while CIB performs certain technology enhancements, expected to be completed in the second quarter of 2006.

CIB said that the launch of the enhanced ECN would extend its commitment to providing market participants state-of-the-art technology solutions and immediate access to the liquidity in all available markets and follows CIB’s recent investments in regional exchanges.

Jim O’Donnell, head of Citigroup US Equities, said, In a time of significant changes in market structure, our goal is to create an ECN that provides execution flexibility for ourselves, other broker/dealers, and our respective clients.

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