TransFICC, a provider of low-latency connectivity for fixed income and derivatives markets, has secured a strategic investment from Citi, which joins existing shareholders, Illuminate Financial, Main Incubator (which is part of Commerzbank), and The FinLab.
TransFICC aims to resolve the issue of market fragmentation by providing banks and asset managers with a unified, low-latency, robust and scalable API. TransFICC seeks to enable financial institutions to access their required e-trading venues, while streamlining technology requirements and reducing operational costs.
In addition to securing this investment, TransFICC has joined Citi’s Innovation Lab in London, the first external company to do so. Launched in February 2018, the London Innovation Lab supports Citi’s Markets and Securities Services business globally, with a focus on building competitive advantage for clients through solutions leveraging advanced technologies, including data science and visualisation, as well as high performance computing, according to the bank.
Judd Gaddie, co-founder of TransFICC, comments: “Fragmentation is a significant, and growing, issue for fixed income and derivatives markets. We have built a technology solution, which addresses an industry level problem, as dealers seek to cut their costs and improve efficiency, whilst still needing to access numerous pools of liquidity. We look forward to working with Citi, as our new shareholder, and leveraging their industry knowledge to build out our future strategy.”
Steve Toland, another co-founder of TransFICC, says: “We spend a lot of time helping to normalise workflows across trading platforms for our clients, easing integration to new venues. Increased investment from Citi, and our participation in the Innovation Lab, will support our work on here by providing improved insight into client requirements.”
Stuart Riley, global head of operations and technology for markets and securities services at Citi, says: “Our Innovation Lab enables external firms to work alongside Citi engineers under the same roof, helping to build London’s innovation ecosystem. TransFICC’s approach to continuous delivery and high-performance messaging, combined with its innovative business model for capital markets fintech makes it a good fit for the Lab.”
Tom McKee, another co-founder of TransFICC, adds: “Joining Citi’s Innovation Lab allows us to work collaboratively with Citi, sharing expertise and accessing a larger pool of technical experience.”