Citi has appointed electronic trading platform provider Rapid Addition as one of its core FIX platform partners for currency trading and integrated the Rapid Addition Fix engine, as well as the Rapid Addition Hub platform, into its new pricing technology for spot FX, which clients can connect to in co-locations across London, Tokyo, New York, and Singapore. The Fix engine delivers low latency trading, while the Hub platform delivers scalability in client on-boarding and configuration.
“It is vitally important that we are highly competitive in the field of API trading, and key factors contributing to that are latency and stability characteristics,” says Mark Meredith, global head of FX e-trading and algorithmic execution at Citi. “Rapid Addition’s technology has enabled this and helped us meet our primary goal of growing our relevance in this space. It has also given us secondary benefits such as reducing server footprint by some 70% and ensuring we meet regulatory obligations with regard to scalability. More importantly, it allows us to easily deploy our unique value proposition to clients, whether that be our price construction engine, execution algorithms, or liquidity calibration tools. We are confident that we now have a platform that allows us to constantly evolve our business to meet the needs of our clients.”
Rapid Addition’s CEO, Mike Powell adds, “As market fragmentation, best execution and trade automation continue to become common themes across all major asset classes, our customers are increasingly leveraging our scalable enterprise technology to address business challenges across their trading workflow.”