Banks join forces to launch private system for trading stocks

Citigroup, Lehman Bros., Morgan Stanley, Merrill Lynch and Bank of New York Mellon are creating a private platform for the trading of stocks of firms seeking to avoid public scrutiny. The Open Platform for Unregistered Securities, dubbed OPUS-5, is poised to rival Goldman Sachs Group's private system, as it will focus on companies that want to raise capital, but avoid regulations imposed on publicly listed shares.

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