High-speed trader Infinium stops trading, winds down -president
CHICAGO, March 6 (Reuters) - High-speed trader Infinium Capital Management has stopped trading and is working to wind down the company, President Mark Palchak told Reuters on Thursday.
Infinium sold five trading desks and some physical assets to foreign-exchange brokerage FXCM Inc, according to FXCM.
FXCM and a subsidiary have hired 48 Infinium employees to trade for a new joint venture, V3 Markets, Palchak said in an interview.
The total sale price was not disclosed. It included approximately $11.9 million owed by Infinium to FXCM, according to the brokerage.
Infinium had been among the higher-profile electronic trading groups and was a household name among Chicago traders. The firm traded in commodities, energy and other markets.
