Trading briefsThis article was originally published in The Public Ledger
CITADEL Investment Group is reducing its ties with a planned rival to CME Group in favour of its new joint venture with the Chicagobased derivatives exchange operator. The hedge fund group, which is also based in Chicago, is pulling its board member from the bankbacked ELX Electronic Liquidity Exchange, a source close to the matter told Dow Jones. Citadel will retain an equity stake and would use the still-to-be launched ELX platform, which aims to challenge the CME's dominance in Treasury futures. However, the firm plans to focus on the credit-default swap trading and clearing platform being developed with CME.