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Citigroup has agreed to pay more than $12 million to settle allegations that its Citi Order Routing and Execution (CORE) unit misrepresented its private trading venues, known as dark pools.
As part of the settlement, Citigroup will neither admit nor deny the allegations.
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At the heart of the cases against Citigroup are allegations that CORE misled investors in the dark pools, saying they would be protected from high-frequency traders.
According to the bank’s marketing materials, customers were supposed to have assurances that high-frequency traders were not allowed to trade in Citi Match, ... (read more)