Wed, Mar 29, 2017
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. Opalesque Exclusive: FS Investments launches energy fund[more]

    Bailey McCann, Opalesque New York: $19 billion Philadelphia-based FS Investments has launched a new interval fund which will invest in energy. The FS Energy Total Return Fund is the firm's first closed-end interval fund and will invest opportunistically in energy companies and assets. FS

  2. Opalesque Exclusive: Aberdeen makes the case for the lower mid-market[more]

    Bailey McCann, Opalesque New York: Aberdeen Asset Management has released a new paper focused on lower mid-market private equity. According to the paper, this segment of the private equity market is gaining popularity with private equity investors that are looking for multiple expansion and less

  3. Hedge funds await outcome of French elections, feel pinch on lower oil prices & weak dollar[more]

    Komfie Manalo, Opalesque Asia: Hedge funds felt the pinch of lower oil prices and weak U.S. dollar as the Lyxor Hedge Fund Index was marginally down as of the week ending 14 March, Lyxor Asset Management said in its Weekly Briefing. The Lyxor He

  4. Opalesque Exclusive: Swiss start-up and German fund manager to launch AI hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: NNAISENSE, a Swiss start-up that develops artificial intelligence (AI) and machine learning applications, and

  5. Eric Mindich to shutter hedge fund Eton Park after difficult 2016[more]

    Komfie Manalo, Opalesque Asia: Erich Mindich is shutting down his hedge fund Eton Park after losing 9% in 2016 and its assets falling by $2bn to the current $7bn, Reuters reported. Mindich told investors