Dec. 1 (Bloomberg) -- Equiduct Systems Ltd. traded more than 1 billion euros ($1.31 billion) last month for the first time as the alternative trading system aimed at retail brokers gathered momentum, the company said.
The platform’s average daily volume for November was 61.8 million euros and total volume was 1.35 billion euros, Equiduct said in an e-mailed statement. The system, which didn’t have any trades in November 2009, notched up its largest-ever daily volume of 86.2 million euros on Nov. 10.
Last year, Citadel LLC, the $12 billion hedge fund firm founded by Ken Griffin, bought a majority stake in London-based Equiduct, a multilateral-trading facility operated by the Berlin bourse. At the time of the deal, Equiduct had yet to take business from traditional exchanges such as Deutsche Boerse AG, London Stock Exchange Group Plc and NYSE Euronext. In December last year, Citadel appointed Peter Randall, credited with bringing alternative trading systems to Europe in 2007, as chief executive officer of Equiduct in an effort to spur growth.
Equiduct has since sold a stake to Knight Capital Group Inc., the largest trader of U.S. stocks, and offered rebates to attract traders.
“Last year we were the turkey, this year we’re the stuffing,” Randall said.
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