• 27 Jun 2007 at 11:40 AM
  • Banks

Rise of the Machines – Citi

By Keith Hahn

Citi is set to buy human replacement toy Automated Trading Desk for $700mm. Automated Trading Desk was born in 1988, fathered by two computer programmers and David Whitcomb, a finance prof at Rutgers. The firm makes money by being quick on the draw, apparently, using these crazy things called computers and algorithms. Even though the firm employs 100 people, it handled 6% of the trading volume in major US stock markets last year, processing over 200 million shares traded per day.
Citigroup In Talks To Buy Automated Trading Desk [Dow Jones via CNN Money]

Comments (5)

  1. 1
    Posted by Hal | June 27, 2007 at 12:50 PM

    Hello.
    Good to see you ibank analyst.
    How is welfare?
    - Hal200

  2. 2
    Posted by skynet | June 27, 2007 at 1:14 PM

    hello hal,
    didn’t know you were still around
    will have to do something about that.
    –Skynet

  3. 3
    Posted by Hal | June 27, 2007 at 2:30 PM

    Skynet,
    I was just resting.
    Waiting for all the ibankers to get really cocky and arrogant. They are so I am back … to pull the plug on them.
    Long live the quants :)

  4. 4
    Posted by trader8's | June 27, 2007 at 2:39 PM

    ATD is headquartered at 11 eWall Street in Mount Pleasant, SC. Who knew computers had such a sharp sense of humor?

  5. 5
    Posted by ITDev | June 27, 2007 at 2:52 PM

    They don’t have a sense of humor… I’ve learned from experience.

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