The successful execution of the first fully electronic bilateral multi-asset package list trade has occurred between Citi and the Pension Insurance Corporation (PIC), facilitated by Tradeweb.
This is the latest in various developments across the market when it comes to the evolution of bilateral trading.
Where complexity has meant challenging workflows this far, execution is continuing to be streamlined, and risk reduced, to expand the capabilities of the strategy.
Su Liu, head of GBP rates trading and head of EMEA linear trading for franchise and strategy, Citi, said: “This milestone underscores our commitment to supporting new trading workflows that streamline execution and bring innovation and efficiency to the market. We look forward to continuing to materially improve liquidity provision for our clients trading uncleared derivatives.”
Read more: Participants keeping watchful eye on growing bilateral trading segment in 2025
Angus McDiarmid, head of European interest rate derivatives at Tradeweb further highlighted the importance of this move, indicating that it represents a meaningful step toward digitising uncleared derivatives workflows.
McDiarmid added: “These workflows have traditionally involved operational complexity and challenges for market participants. By leveraging the building blocks of cleared trading workflows, we continue to focus on solutions that streamline execution, reduce operational risk, and enhance scalability across the bilateral trading landscape.”