Citi Partners with Rapid Addition to Reduce FX Latency
Citi has appointed Rapid Addition as one of its core FIX platform partners for FX trading, integrating the Rapid Addition FIX engine and Hub platform into its technology stack. The Rapid Addition FIX engine claims to enable low latency trading, while the Hub platform delivers scalability in client on-boarding and configuration.
Mark Meredith, Global Head of FX E-Trading and Algorithmic Execution at Citi, commented: “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. 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.”
Mike Powell, CEO of Rapid Addition commented: “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.”
Citi’s e-FX volume now accounts for 80% of its customer FX business.