March 20 Automated trading firm Getco Holding Co has decided to close its small Hong Kong office because the region has been slow to accommodate high-speed trading strategies that have been widely adopted in U.S. securities and derivatives markets, the Wall Street Journal reported.
Chicago-based Getco, one of the biggest high-frequency trading firms, opened the Hong Kong office in 2011 and added another in Mumbai last year, to join the 40-strong team in Singapore that has spearheaded its Asian operation, the newspaper said.
The Journal said a spokeswoman for Getco had confirmed the company had initiated the process of closing the Hong Kong office, which was set up to handle local and Japanese markets.
Some of the five staff may transfer to other jobs at Getco, the paper said, citing a person with direct knowledge of the operation.
The company was not immediately available for comment when contacted by Reuters.
Getco is in the process of completing a $1.4 billion acquisition of rival automated trading firm, Knight Capital Group Inc.