Citigroup To Shut Down LavaFlow Trading System

Citigroup announced on Tuesday that it would be shutting down LavaFlow ECN, an alternative trading system. In a statement, LavaFlow said its resources would be better suited for other areas of the company's equities division. LavaFlow will cease to operate on January 20, 2015, the bank said. LavaFlow had been fined $5 million by the Securities and Exchange Commission earlier this year for failing to protect trading data of its subscribers.