Sun, Apr 26, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Citadel selects Bloomberg for derivatives trading and access to clearing

Tuesday, January 29, 2013
Opalesque Industry Update:Citadel, a leading global financial institution, is now using Bloomberg's Fixed Income Trading platform for electronic trading and clearing of interest rate swaps.

Citadel is a leader among a growing number of institutions using Bloomberg for electronic execution and access to clearing in preparation for upcoming Dodd-Frank regulatory deadlines. The first trades were placed by Citadel on Monday via Bloomberg's multi-dealer trading platform (BBTI ) and cleared through LCH.Clearnet.

"Our investment activity requires a world-class platform that delivers the very best in market liquidity and streamlined, front-to-back, straight-through processing," said Richard Mazzella, chief operating officer of Citadel’s Global Fixed Income business. "Bloomberg’s platform provides this powerful combination, strengthening the quality and efficiency of our vanilla interest rate swap activities to the benefit of our investors."

Bloomberg's automated solution provides direct access to LCH.Clearnet and other clearing houses, without the use of additional middleware.

"Bloomberg is dedicated to providing clients with increased market transparency and efficient solutions to help comply with regulation," said George Harrington, Bloomberg's Global Head of Fixed Income Trading. "Forward looking firms, such as Citadel, look to Bloomberg to provide integrated, compliant solutions in today's regulatory environment."

Bloomberg intends to register with the Commodity Futures Trading Commission (CFTC) as a swap execution facility (SEF). Bloomberg Professional service subscribers have leveraged direct connectivity to CME Clearing, IntercontinentalExchange (ICE) and LCH.Clearnet since 2009.

"We are delighted that Citadel has chosen to collaborate with LCH.Clearnet to satisfy its regulatory requirement for central clearing," said Daniel Maguire, managing director and head of SwapClear, US, LCH.Clearnet. "By also using Bloomberg’s trading platform, Citadel is able to fully realize the efficiency benefits of integrated trade processing. Collaborations such as these are essential for the smooth implementation of Dodd-Frank and other global clearing mandates."

Deutsche Bank was the executing broker in Monday's trades. Bloomberg's interest rate trading platforms offer liquidity from 24 leading providers and clearing services from 12 global brokers.

"Deutsche Bank is pleased to have been selected by Citadel to execute this transaction in a fully-automated format," said Tom Hartnett, Deutsche Bank's Head of Rates and Investment Grade Credit Americas. "As a leader in fixed income, we are committed to helping our clients adapt to the new regulatory environment by providing superior execution and innovative clearing solutions."

Bloomberg

Press Release

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. U.S. does not want hedge funds to invest in offshore re-insurers for tax purposes[more]

    Komfie Manalo, Opalesque Asia: The U.S. Treasury Department on Thursday introduced a new rule aimed at limiting hedge funds’ ability to reduce their tax bills by investing in insurance companies in offshore tax havens. As a general rule, the U.S. tax laws does not allow hedge funds to use off

  2. Ruling: Hedge funds suing Argentina can have access to bond offering details[more]

    Komfie Manalo, Opalesque Asia: U.S. District Judge Thomas Griesa in Manhattan ruled yesterday that hedge funds are entitled to details of a recent bond offering by Buenos Aires, reports

  3. Hedge funds looking to continue their rally in Q2[more]

    Komfie Manalo, Opalesque Asia: Hedge funds finished the first quarter on a strong note and are looking to continue the rally in the second quarter, said Lyxor Asset Management in its Weekly Brief. The Lyxor Hedge Fund Index is up 0.4% over the week

  4. Hedge funds down -0.17% in March (+1.23%YTD)[more]

    Bailey McCann, Opalesque New York: The hedge fund industry produced an aggregate return of –0.17% in March to end Q1 2015 up 1.23%, compared to the S&P 500 which increased 0.96%, according to the latest data from eVestment. Hedge fund performance returns were mixed in March amid increased equity

  5. Fund managers express concern of overvaluation in both equity and bond markets[more]

    Komfie Manalo, Opalesque Asia: According to the BofA Merrill Lynch Fund Manager Survey, investors see growing overvaluations in both

 

banner