Wed, Aug 23, 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. Investing - David Tepper sells airline stocks, except Delta[more]

    From Forbes.com: Head of successful hedge fund Appaloosa Management, David Tepper shied away from airlines in the second quarter after upping his bets in the first three months of the year, according to his portfolio filing released this week. Tepper sold all of his position in United Continen

  2. Opalesque Exclusive: Update: Emerging long-biased hedge fund expands coverage[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Left Brain Capital Management, which manages Left Brain Capital Appreciation Fund

  3. Investing - Silchester International Investors buys 5% stake in bookie William Hill, Hedge funds split over Microsoft, Top hedge funds are bullish on these 3 mega-cap stocks, Hedge funds betting demise in small-cap stocks will get worse[more]

    Silchester International Investors buys 5% stake in bookie William Hill From Thisismoney.co.uk: A leading investment fund has put its cash behind under-pressure William Hill. Mayfair-based Silchester International Investors has bought 5 per cent of the bookmaker's stock - which has almos

  4. Fund Profile - A $3.4bn hedge fund's letter raises a fundamental question about the future of the industry[more]

    From Businessinsider.com: Tourbillon Capital, which manages $3.4 billion, has been losing money in its flagship fund as the bull market rages on. The New York firm, which focuses on stocks and is run by Jason Karp, has written in quarters past about why the firm is struggling. The firm's most recent

  5. Investing - ValueAct increases stake in Kravis' KKR, Cargo ship giant Maersk Tankers invests in quant hedge fund[more]

    ValueAct increases stake in Kravis' KKR From NYPost.com: ValueAct just cozied up closer to buyout baron Henry Kravis. A $16 billion hedge fund run by Jeffrey Ubben, ValueAct has increased its stake in the Kravis-run KKR to 6.1 percent, according to a regulatory filing late Monday.