Global banking group Citi has launched a version of its Citi Match internal crossing engine in Japan. The firm already operates Citi Match in the US, Europe, Hong Kong and Australia.
Trades crossed in the Japanese version of Citi Match will ultimately execute on the Tokyo Stock Exchange’s ToSTNet and the Osaka Stock Exchange’s J-Net crossing systems. The platform is open to Citi’s institutional clients and can be accessed through a variety of the firm’s algorithms.
“Citi Match provides clients with anonymous, high-speed access to Citi’s internal liquidity pool, preventing information leakage and reducing trading costs,” said Mihai Bistriteanu, director, equity execution services at Citigroup Global Markets Japan. “We are confident our clients trading Japanese equities will benefit from Citi Match’s liquidity and cutting edge technology.”
Citi Match joins a range of broker crossing engines operating in Japan, including BNP Paribas’s BIX, Credit Suisse’s Crossfinder, Goldman Sachs’s SIGMA X, Bank of America Merrill Lynch’s MLXN, Morgan Stanley’s MS POOL and UBS’s PIN.
Citi Match was first launched in the US, combining Citi’s order flow the internalisation capabilities of market making and proprietary trading firm Automated Trading Desk, which Citi bought in 2007. The system was later launched in Australia and Hong Kong, and came to Europe in April 2009.