Citi Match offers a cross-section of liquidity, with a focus on providing clients with access to retail, institutional, principal and broker-dealer liquidity. The dark pool aims to provide clients access to diverse liquidity with real-time order protection.
Access and participation
Access to Citi Match is only available to the broker”s institutional clients or via Citi”s algorithms. Citi Match has over 50 active participants on the average trading day. Only Citi”s institutional clients can rest orders in Citi Match. Other sources of order flow may pass through Citi Match prior to interaction with other sources of liquidity. Clients resting in Citi Match have full control regarding which sources of flow they interact with.
In the US, all NMS securities are available. In Europe, Citi Match trades in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland, UK. Citi Match claims it is particularly strong in difficult-to-trade names. Japan, Hong Kong, and Australia markets are available in Asia. Average trade size is 265 shares in the US, 605 shares in Europe, 4,019 in Hong Kong, 645 shares in Japan and 2,022 shares in Australia. In the US an average of 32.5 million shares were traded daily over the last three months, and 43.9 million shares in Europe.
Citi Match deploys multiple anti-gaming mechanisms to stop adverse behaviour from affecting client order flow in real time. The four main facets of Citi Match”s anti-gaming are: randomisation, counterparty analysis, price evolution, and price engine prevent.
Citi Match does not have liquidity sharing agreements with other dark pools.