Citi Rolls Out Derivatives Platform
Fidessa technology to provide algorithms and order management for listed products.
Citi has embarked on a major technology initiative for its global listed derivatives business, hiring Fidessa to provide it with a class-leading workflow and trading platform.
Citi is leveraging Fidessa’s scale and distribution to deliver a fully-managed service that satisfies its listed derivatives needs around the world.
The Fidessa platform will extend Citi’s reach to 28 markets around the world through six operational hubs in Chicago, London, Hong Kong, Sydney, Tokyo and Mumbai.
“The platform will provide an industry-leading set of futures- and options-specific specific benchmark and execution algorithms, as well as a new standard in multi-asset global order management to the futures and options space,” Dan Smalley, senior vice president and director of business development at Fidessa, told Markets Media.
Fidessa will provide Citi with a global order management and distributed low-latency execution platform along with BlueBox, Fidessa’s integrated algorithmic trading engine. The Fidessa solution will also deliver next-generation risk management functionality, comprehensive market data and a global order routing service.
“This is a game-changing and empowering move for Citi,” said Jerome Kemp, managing director and global head of exchange traded derivatives at Citi. “We are partnering with Fidessa to deliver a new, market-leading, derivatives trading platform for our business globally.”
The system will support consolidation of workflow capabilities, provide professional trader workstations and full support for electronic flow, low-latency DMA, care (high-touch) orders and algorithms., said Smalley
The new platform will be implemented in a number of phases, commencing later this year, leveraging Fidessa’s extensive network of hosting centers across North America, Europe, Asia Pacific and Japan, and will be closely integrated with Citi’s own proprietary internal back-office business systems
The technology requirements for operating a global exchange-traded derivatives franchise have out a premium on localized service.
“Fidessa will be providing a fully managed enterprise service in Fidessa datacenters around the world,” said Smalley. Comprehensive service will include support for all upgrades, servers, exchange connectivity and deployment.
The firm will bolster its derivatives efforts, launch new businesses and make acquisitions.
This year Webull began providing connectivity to Cboe’s U.S. equities markets.
The exchange also had record equity futures and options volumes.
The association supports the CFTC’s effort to establish new clearing mandates.
2021 marked the fourth consecutive year of record-setting trading activity.