Citigroup is adopting a managed service from Fidessa Group for tracking orders and executing trades globally in listed derivatives.
The agreement between Citi and Fidessa also calls for the bank to use BlueBox, Fidessa's integrated algorithmic trading engine. Located in six operational hubs in Chicago, London, Hong Kong, SydneyY, Tokyo and Mumbai, Fidessas derivatives trading platform will expand Citis reach initially to 28 markets around the world and incorporate futures-specific benchmarks and algorithms.
The Fidessa system, which replaces other third-party and proprietary platforms will give Citi a variety of means by which to execute orders including direct market acess, algorithmic trading, professional workstations and manually.
The Fidessa system, which will eventually be expanded to swap contracts, will be integrated with Citi's own proprietary internal middle and back-office business systems to ensure timely position and risk management and allocations.
"We went through an extensive evaluation and selection process, and chose Fidessa for their sophisticated, integrated workflow capabilities that operate across multiple asset classes, as well as for their reputation for offering the very highest levels of service and support, says Jerome Kemp, managing director and global head of exchange-traded derivatives at Citigroup.
-- This article first appeared on Securities Technology Monitor.