Reacting to client demand for Build America Bonds, Barrington, Ill.-based Arbor Research and Trading Inc. has launched a municipal group led by veterans from Citi.

Arbor is an institutional research and brokerage firm with a 22-year history. The firm declined to offer any client names, but said it offers a fixed-income trading platform for institutional accounts, including fund families, hedge funds, asset managers, pension funds and trust companies.

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