Citi Merges eFX Trading Solutions into New Singer Dealer Platform

CitiFX, Citi's online foreign exchange market trading platform, announced Thursday (February 23) that it has consolidated its portfolio of eFX trading solutions for corporate and professional investor clients into a new single dealer: Velocity 3.0.

Velocity 3.0 is an operating system that delivers the bank’s eFX trading solutions including CitiFX Pulse, Citi Velocity Trading, Citi Velocity Research and CitiFX Click. The platform rebuilds CitiFX's client user interface in HTML 5 on a strategic web code base, according to the bank's statement.

Ala'a Saeed, CitiFX's Global Head of Electronic Platforms, commented: "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 connectivity solutions. The new HTML architecture framework has boosted performance across the platform, allowing us to bring together our richest digital solution to date. What's more, Velocity 3.0 scales as an operating system upon which an FX industry platform can be built, delivering the best of both proprietary and 3rd party solutions to meet our clients’ ever-changing needs."

Fragmentation as a result of platform proliferation has had important implications for liquidity availability, operational resilience and transparency. Clients are increasingly looking to optimize how and where they source liquidity from, demanding fully integrated solutions for both execution and workflow.

Jon Lofthouse, Global Head of Markets Technology at Citi, added: "Velocity 3.0 solves this problem, by delivering Citi’s best-in-class eFX offerings for clients via a single point of integration. The unified enterprise infrastructure and HTML 5 support high-performance streaming libraries that enhance the display of real-time data and the registration of one-click executions. 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."

Citi stated that investment in its architecture remains a key priority for CitiFX as they "look to meet client needs while simplifying technology, strengthening operational resilience, to deliver an optimized performance and client experience".

Investing in architecture requires strong financial backing. Last month, the bank reported revenue of $18 billion​ for the fourth quarter of 2022, up 6% on a yearly basis.