Merril Lynch, Lehman Bros, Morgan Stanley and Citi developing their ECN...

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Banks join forces on trading platform

By Ben White andJames Politi in New York

Published: July 23 2007 03:00 | Last updated: July 23 2007 03:00

Merrill Lynch, Lehman Brothers, Morgan Stanley and Citigroup are among a group of investment banks developing an electronic trading platform for unregistered US securities that will compete with existing systems, such as one created by Goldman Sachs.

The move comes after Goldman signed up Oaktree Capital, the hedge fund group, and Apollo Management, the private equity firm, to sell unregistered shares through its GSTrUE private trading system. The Apollo shares will also trade over an electronic platform created by JPMorgan Chase.

http://www.ft.com/cms/s/c9af00ca-38...rer=http://village.albourne.com/user/news.pcg
 
I wonder, where will these firms get all these rich fools (meant clients) who will be trading at these platforms????? Trading and listed securities on these platforms will be so rigged that it is not even funny.
 
Quote from RedDuke:

I wonder, where will these firms get all these rich fools (meant clients) who will be trading at these platforms????? Trading and listed securities on these platforms will be so rigged that it is not even funny.
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I agree. People will have to be very foolish to trade on one of these platforms when there are other companies that prioritze stuff like this..
 
Quote from ForexTraderMan:

I agree. People will have to be very foolish to trade on one of these platforms when there are other companies that prioritze stuff like this..
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Not necessarily. It depends on what the platform will be like..
 
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