FXone and Citi are joining forces to bring electronic trading to the foreign exchange market.
Seabury Financial Solutions’ FXone announced its partnership with CitiFX TradeStream today to bring the former’s turn-key algorithmic trading system to CitiFX TradeStream’s system. The partnership is targeting mid-sized institutions and active professional traders and helping the two find more liquidity. By using FXone’s algo, Citi saves development and tech money while FXone is able to boost its liquidity offering.
FXone, an institutional algo trading platform provider, has been adding new partnerships with leading liquidity providers/brokers to meet customer demand for electronic trading tools, signing agreements with over a dozen liquidity providers in the last 6 months.
FXone provides an out-of-the-box algo trading solution with a full featured GUI for custom automated trading, a server side EMS for low latency FIX based trading and market data access, as well as a high-performance tick database for capturing and archiving tick data and serving it upon demand.
CitiFX TradeStream is an aggregated FX liquidity solution designed for mid-sized institutional customers to access high-quality liquidity sourced from multiple contributors, including Citi, whilst facing Citi as a single counterparty.
Rosario Ingargiola, chief executive at FXone said in a release that the firm has already successfully completed FIX certification for accessing CitiFX TradeStream liquidity directly through FXone’s algo platform. “Our clients will benefit greatly from access to Citi’s one-stop margin FX trading solution,” she said.
Alex Knight, Head of Citi’s FX Margin Trading, said “FXone is an excellent complement to our focus on serving systematic trading clients. It doesn’t make sense for these traders to spend valuable time and resources building their own integration with liquidity sources before deploying algorithmic trading strategies. With this turn-key offering, FXone and CitiFX Tradestream significantly reduce the time and cost required to start trading.”
FXone’s Ingargiola added that the firm plans to extend CitiFX TradeStream’s FIX API capabilities by providing stop order types within the FXone server, its ultra-low latency EMS, which are not natively supported.
The combination FXone/CitiFX Tradestream solution will be hosted in the Equinix NY4 data center, offering ultra-low-latency cross-connect.
