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Brokerages Target Direct Access

Traders Magazine, July 2004

Peter Chapman

Citigroup, six months after forming an electronic trading group, bought direct market access vendor Lava Trading. The acquisition provides the big bank's equity group with technology it can use internally as well as offer to institutional customers. The deal is the fourth prominent acquisition of a direct access vendor by a major brokerage in the past year. "With this move, we will catapult to a leading position in electronic execution," said Jim Forese, head of Citigroup's global equities division.

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