By Edward Krudy
NEW YORK, March 23 | Wed Mar 23, 2011 5:41pm EDT
(Reuters) – Citigroup’s reverse share-split could lead to a sharp reduction in U.S. equity trading volume, hurting the profitability of exchanges and traders.
The reverse stock split will see 10 of Citigroup’s shares (C.N) combined into one and is set for after the close of trading on May 6.
The bank is the most actively traded stock in the United States and has a massive 29 billion shares outstanding thanks to equity issued during the financial crisis. That is nine times more than the average for Dow industrial stocks.
To read more:
http://www.reuters.com/article/2011/03/23/us-markets-citi-reverse-split-idUSN2328045720110323
Filed in Volume News Portal