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Citigroup has become embroile in the controversial merger between the New York Stock Exchange (NYSE) and Archipelago Holdings.

The NYSE had been criticised for its decision to use Goldman Sachs as an advisor.

Citigroup had separately suggested the deal NYSE. The NYSE however has previously said that Goldman Sachs had been the initiator and used this as for its justification.

The disclosure came in a fairness opinion from Citigroup to the NYSE. The report was needed to disclose the banks relationships with the exchange.

Goldman Sachs and the NYSE have close links. NYSE CEO formerly worked for Goldman. The bank also held a large stake in Archipelago. Lastly it worked for both sides in the deal.

No details were disclosed of when the banks made their respective advice.

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electronic exchange

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