Global broker Citi is launching an electronic equity trading product suite for Brazil, Mexico and Canada, expanding its reach in the Americas and increasing its global footprint to over 35 countries around the world.
Building on its established local presence in Mexico, Brazil and Canada, Citi’s Global Electronic Markets unit has developed an algorithmic trading and direct market access platform. In each market, Citi conducted extensive testing with internal traders and a broad range of external partners.
“We've combined our advanced direct market access tools and our full suite of algorithmic strategies with an exceptional level of service to help our clients reach new trading markets,” said Tim Reilly, managing director and head of electronic execution sales for the Americas.
Local firms in Brazil have been enhancing their services over the last year to provide tools for overseas buy-side clients, through investment in execution systems and connectivity. The country's incumbent exchange, BM&F Bovespa, has invested significantly in technology to keep up with the demand for trading Brazilian equities. It is also a target for alternative trading venue operator BATS Global Markets, which recently announced its intention to open up a rival exchange.
In Mexico, local brokers have also been been developing DMA offerings, while Canada has seen a flurry of activity with new venues launching or planned, such as Goldman Sachs' SIGMA X Canada.
Citi Global Electronic Markets provides institutional and broker-dealer clients with a range of algorithmic strategies, crossing networks and smart order routing solutions.