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]
Posted by Hal , Jun 27, 2007 12:50PM
Hello.
Good to see you ibank analyst.
How is welfare?
- Hal200
Posted by skynet , Jun 27, 2007 1:14PM
hello hal,
didn't know you were still around
will have to do something about that.
--Skynet
Posted by Hal , Jun 27, 2007 2:30PM
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 :)
Posted by trader8's , Jun 27, 2007 2:39PM
ATD is headquartered at 11 eWall Street in Mount Pleasant, SC. Who knew computers had such a sharp sense of humor?
Posted by ITDev , Jun 27, 2007 2:52PM
They don't have a sense of humor... I've learned from experience.