Terrible Trading Volume Leads to Staff Cuts at Liquidnet
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Liquidnet Holdings Inc. has reportedly cut its staff by 12 percent as a slowdown in equities volume appears to be taking its toll on the trading business.
Liquidnet is the largest independent operator of "dark pool" block trading systems, which are specifically being forced to look at staff levels amid low volumes at trading desks in New York and London.
The reduction was confirmed by Liquidnet spokesman Rich Myers according to a report from Bloomberg on Friday, saying that the New York-based company had cut 12 percent of its 375 employees, and that the cuts were companywide, affecting those in trading, technology and transaction processing.
"Volumes are terrible for everybody," Alfred Eskandar, head of US equities, told Financial Times Trading Room said. "We want to maintain the right infrastructure to deliver the right service for our customers."
The company said that it was taking selective steps to reduce its staff, reflecting the "overall slowdown in global equities trading. In time, the markets will regain their footing and we have an excellent team around the world to continue to grow our business."
Liquidnet is the largest independent operator of "dark pool" block trading systems, which are specifically being forced to look at staff levels amid low volumes at trading desks in New York and London.
The reduction was confirmed by Liquidnet spokesman Rich Myers according to a report from Bloomberg on Friday, saying that the New York-based company had cut 12 percent of its 375 employees, and that the cuts were companywide, affecting those in trading, technology and transaction processing.
"Volumes are terrible for everybody," Alfred Eskandar, head of US equities, told Financial Times Trading Room said. "We want to maintain the right infrastructure to deliver the right service for our customers."
The company said that it was taking selective steps to reduce its staff, reflecting the "overall slowdown in global equities trading. In time, the markets will regain their footing and we have an excellent team around the world to continue to grow our business."
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