CitiMatch offers low toxicity liquidity to the firm’s institutional and hedge fund clients. It has several hundred active clients and the majority of their orders (but not all) will interact with the dark pool in some way over the lifecycle of the order. CitiMatch offers price improvement vs. the midpoint for clients that rest their orders in the pool.
Functionality and order types
The pool features a series of safeguards and
restrictions in place to ensure that information leakage is minimised. Clients
benefit from three price points in the pool – bid/mid/ask allowing them the
choice to get paid the spread as a provider of liquidity to the market.
It offers day orders with/without price limit, pegged to mid-price,
passive or aggressive of the consolidated order book.
Access and participation
Citi screens participants to ensure that they are
providing quality liquidity to the pool and segments clients according to
liquidity and toxicity.
All EMEA developed markets except Spain are traded.
In CEEMEA markets Citimatch offers trading in the Czech Republic, Hungary,
Russia, Turkey and Israel.
Citi has a set of anti-gaming controls as well as
restrictions around the type of counterparty that is allowed to interact in the
The firm has an ongoing programme of development
going into 2014 that will deliver more choice and liquidity to clients.