CitiBank and Rapid Addition Partner Up
The multi national banking institution known as CitiBank announced on December 4th that they have partnered with Rapid Addition. Under this agreement, this electronic trading platform will assist CitiBank with the development of their currency trading platform. This small-scale firm was selected due to their more powerful and latency performances, meeting the requirements set by CitiBank.
During the announcement, it was noted that this banking institution had implemented two programs from the Rapid Addition product lineup. These products will benefit pricing on foreign exchange transactions. Those using the CitiBank Digital Services can anticipate the Rapid Addition HUB and FIX Engines to be implemented in the coming weeks.
Clientele maintaining trading accounts with CitiBank will have the capability to connect FX Transactions on a worldwide scale. This will apply to the banking institutions main hubs and will manage low latency trading speeds from the Rapid Addition FIX Engine. Those core hubs include Tokyo, Singapore, New York and London.
The Global Head of FX Digital Trading & Algorithmic Execution for CitiBank, Mark Meredith, spoke to reporters after the announcement was made. He said: “It is vitally important that we are highly competitive in the field of API trading, and vital factors contributing to that are latency and stability characteristics. Rapid Addition’s technology has enabled this and helped us meet our primary goal of growing our relevance in this space.
Mark’s statement pushed onwards with, “It has also given us secondary benefits such as reducing server footprint by some 70% and ensuring we meet regulatory obligations about more powerful. 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.”
FX Online Growth
There has been an ongoing effort to invest in digital technologies by CitiBank. Their partnership with Rapid Addition indicates that this investment is far from over, with the banking institution looking to be a leader exchange in the electronic market. This isn’t surprising considering that 80% of FX Traders maintain their executions online.
CitiBank is also increasing the third-party platform they provide currency quotes to, with the number in 2019 being 15. By the first quarter of 2020, that number is slated to rise to 45.
The Chief Executive Officer at Rapid Addition, Mike Powell, also spoke on the recent partnership. He said: “We are delighted to partner with a market leader in such a key area of their business. Our work with Citi demonstrates the value of Rapid Addition’s technology in enhancing electronic workflow in the FX arena. 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.”