<p>Citi, the New
York-based global investment bank, has consolidated its electronic <a href=”https://www.financemagnates.com/terms/f/forex/” class=”terms__main-term” id=”6faa6714-7f7b-4d23-b1c5-c0d40807d613″ target=”_blank”>forex</a> (eFX)
trading platforms for corporate and professional investors into a new single
dealer platform called Velocity 3.0. The new platform was built on HTML5
technology, Citi said in a statement released on Thursday.</p><p>Velocity 3.0,
according to Citi, now singularly delivers the bank’s <a href=”https://www.financemagnates.com/tag/efx/” target=”_blank” rel=”follow”>eFX offerings</a>:
CitiFX Pulse, the platform for forex spot, forward, non-deliverable forwards and swap
pricing; Citi Velocity Trading, the platform that provides access to Citi’s
capital markets services across equities, futures, forex and rates, among
others; Citi Velocity Research, and CitiFX Click, the bank’s<a href=”https://www.financemagnates.com/cryptocurrency/regulation/is-crypto-post-trade-reporting-on-the-horizon/” target=”_blank” rel=”follow”> post-trading
reporting</a> platform. </p><p>“Velocity 3.0
provides a complete client offering: clients can mix-and-match the best of what
CitiFX has to offer, delivering eFX à la carte via a host of <a href=”https://www.financemagnates.com/terms/c/connectivity/” class=”terms__secondary-term” id=”67c58fee-a85e-483c-8fac-648b94f10aab” target=”_blank”>connectivity</a>
solutions. The new HTML architecture framework has boosted performance across
the platform, allowing us to bring together our richest digital solution to
date,” explained Ala’a Saeed, CitiFX’s Global Head of Electronic Platforms, in
the statement.</p><p>Citi further
noted that Velocity 3.0 works with all popular operating systems and can be
assessed from any browser across web, desktop and mobile applications. It
described the new single dealer platform as “platform-independent technology.”</p><p>Citi Seeks to Redress Service Fragmentation </p><p>In the press
statement, Citi explained that it decided to create the new single consolidated
platform in order to address the problems of <a href=”https://www.financemagnates.com/terms/l/liquidity-providers/” target=”_blank” rel=”follow”>liquidity availability</a>,
operational resilience and transparency that occur as a result of
fragmentation of eFX services. This fragmentation, it noted, is the
byproduct of platform proliferation. </p><p>Compared to the other
platforms, Citi said Velocity 3.0 is 71% faster with deal booking and 94% faster
with order placement response. </p><p>“By leveraging the
latest in cloud technology and the use of Micro Front Ends, Velocity 3.0 is an
agile, scalable solution allowing for rapid addition of new features and allows
Citi to respond to client feedback promptly,” explained Jon Lofthouse, Global
Head of Markets Technology at Citi.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
