Merrill Lynch and Citadel take 10% stakes in PHLX

Merrill Lynch and Citadel Investment Group, a hedge fund manager, have each taken 10% stakes in the Philadelphia Stock Exchange, the fledgling US stock and options exchange.

Merrill and Chicago-based Citadel also have the option to buy an additional 10% each in the exchange next year, according to The Wall Street Journal.

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The Worst Performer in Billionaires’ Portfolios? Trophy Art.