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Company News

Citi closes market making business in retail options: FT

FILE PHOTO: Two men look at their mobile phones under the Citigroup Inc (Citi) logo at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

(Reuters) - Citigroup Inc C.N has closed its market making business in retail options that serves retail broker-dealers, the Financial Times reported on Wednesday, citing three people with knowledge of the decision.

The bank closed the business at the start of last month, the FT said, adding that Citi maintained its market making operations for institutional investors and high-net-worth customers.

Citi pulled out as it was unable to compete in a technology arms race to be among the fastest and most reliable venues on Wall Street, according to the report.

Citi did not immediately respond to a Reuters request for comment.

Reporting by Maria Ponnezhath in Bengaluru; Editing by Shounak Dasgupta

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