Traders and exchange operators are raising concerns about Virtu Financial’s proposed acquisition of KCG, which they say may worsen liquidity in already fragile markets.
Both firms are active market-makers in equity, foreign exchange and interest rate products.
“There’s concentration and now there are fewer liquidity providers,” said Eric Chern, chief executive at Chicago Trading Company, a proprietary market-making firm specialising in derivatives. “In the past two weeks, we’ve had a firm exi
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