Citigroup, which recently went live with a Web-based institutional trading platform for banks and brokers in Europe, plans to roll the system out in Asia, the U.S. and Latin America and will expand its product range to include derivatives, according to Financial NetNews, a sister publication to DW.
The platform, dubbed CititConnect for Securities, is an integrated platform for retail banks and brokers that offers end-to-end services for executing equities, including order routing, settlement and straight through trading execution. Banks also have the option of plugging into Citigroup's other services, such as foreign exchange, Treasury research and cash management, said Reto Faber, v.p. and head of product development for Citigroup.
Citigroup also plans to add other asset classes to the platform, including mutual funds and fixed-income. Faber said the mutual funds are expected to be available by year-end. He could not give a time frame as to when the fixed-income product will be introduced. Research from Salomon Smith Barney will also be added to the platform later this second quarter.
