Citi, a New York-based investment bank, declared merging its collection of electronic foreign exchange trading platforms for corporate and expert investor customers into a single dealer platform called Velocity 3.0.
It has launched a new platform that provides its electronic foreign exchange (eFX) trading services. This includes CitiFX Pulse, Citi Velocity Trading, Citi Velocity Research and CitiFX Click. All of these are powered by HTML5 technology.
CitiFX’s Global Head of Electronic Platforms, Ala’a Saeed, said:
Velocity 3.0 provides a complete client offering: clients can mix-and-match the best of what CitiFX has to offer, delivering eFX à la carte via a host of connectivity solutions. The new HTML architecture framework has boosted performance across the platform, allowing us to bring together our richest digital solution to date.
It announced that its newest platform, Velocity 3.0, is much quicker with deal booking. Being 71% faster and order placement response being 94% faster than Citi’s older platforms.
The global investment bank also mentioned that combining its foreign exchange trading services into one platform will help with issues such as liquidity availability, operational stability and transparency, which were caused by splitting up FX services.
Global Head of Markets Technology at Citi, Jon Lofthouse, said:
Velocity 3.0 solves this problem, by delivering Citi’s best-in-class eFX offerings for clients via a single point of integration. The unified enterprise infrastructure and HTML 5 support high-performance streaming libraries that enhance the display of real-time data and the registration of one-click executions. By leveraging the latest in cloud technology and the use of Micro Front Ends, Velocity 3.0 is an agile, scalable solution allowing for rapid addition of new features and allows Citi to respond to client feedback promptly.
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