(Crain's) — Citadel Investment Group LLC lost another top executive with the departure of Craig Mohan, who will join CME Group Inc. as a managing director.
CME said in a news release today that Mr. Mohan, 41, will develop and manage the company’s co-location and hosting service, to be launched in early 2012.
Co-location sites allow traders to place computer equipment closer to financial exchanges to reduce the time it takes to make a trade.
Mr. Mohan was director of Citadel’s global infrastructure unit and had oversight of the Chicago-based hedge fund company’s co-location and data center site.
Citadel has struggled over the past year with the departure of top executives, particularly from its newer securities unit that has sought to build its investment banking services. Patrik Edsparr was asked to step down as CEO of that unit this month just seven months after he succeeded Rohit D’Souza, who left the post a year after he took it in October 2008.
The U.S. Commodity Futures Trading Commission said recently that it is considering new rules to ensure equal trader access to the co-location sites. The agency said that the May 6 “flash crash” gave added impetus to an ongoing agency review of electronic trading and the co-location site issues.
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