Fri, Aug 1, 2014
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: Kyria Capital Management bets on women hedge fund managers[more]

    Bailey McCann, Opalesque New York: As hedge fund assets top $3 trillion, and long/short strategies get more crowded than ever, with every manager hunting for even the tiniest bit of alpha, a new firm has emerged that claims its own edge – women. A recent Rothstein Kass study showed women-owned a

  2. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  3. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  4. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  5. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by