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The piece reported that bad blood between Brumfield and Howard Lutnick, the CEO of BCG Partners, was behind the reason that Trading Technologies has no near-term plans to connect to ELX.
In a statement, Brumfield said, "Although TT and BGC Partners have been involved in a legal dispute over the past several years, I don't know of any bad blood between Howard and me. Even if there was any, such a fact would not carry weight as to how TT prioritizes exchange connectivity."
He added, "In this regard, TT listens intently to what its customers and the relevant exchanges have to say. This feedback, in conjunction with TT's mission of maximizing its impact on end user results, leads to judgment calls and decisions. TT currently has sixteen exchanges on its exchange priority list (ELX being in the lower half of this list) and is presently in the process of building gateways to four of these exchanges. Before delivering any gateway to market, premium quality needs to be achieved."
