Equiduct Systems Ltd., the European trading system owned by Citadel LLC and Knight Capital Group Inc. (KCG), is seeking new investors as it tries to grow, according to two people with direct knowledge of the matter.
The London-based alternative platform, aimed at retail brokers, has been talking to securities firms and exchanges about selling a stake or adding partners, according to the people, who requested anonymity because the discussions are private. Equiduct plans a board meeting next week to discuss a rights issue and strategy, the people said.
Citadel Execution Services Europe, the market-making and electronic-trading unit of the Chicago-based hedge fund, bought a majority stake in 2009 in Equiduct, a multilateral trading facility operated by the Berlin bourse. At that time, Equiduct had yet to take business from exchanges such as Deutsche Boerse AG (DB1), London Stock Exchange Group Plc (LSE) and NYSE Euronext. (NYX)
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