Pipeline cuts ties with Milstream unit
Pipeline Financial Group, Inc. has announced that its subsidiary, Pipeline Trading Systems LLC, will no longer give another subsidiary, Milstream Securities LLC, access to Pipeline's Block Market. It further announced its decision to divest itself of the Milstream operation.
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"A majority of Pipeline clients have told us they are not comfortable trading in the Block Market as long as Milstream is given access," said Jay Biancamano, Pipeline's recently-named Executive Chairman. "We apologize to other clients who have been comfortable accessing Milstream-provided liquidity by trading in the Block Market, but we wish to meet the needs of the majority of our clients, so Milstream's subscription to the Block Market has been terminated, and we will be divesting ourselves of the Milstream operation."
Pipeline has also announced this week the appointment of Biancamano as Executive Chairman, effective November 16, the resignation of Fred J. Federspiel on November 13, and the recent retirement of Alfred R. Berkeley III.