Citi Consolidates eFX Trading Platforms into Velocity 3.0, a New Single Dealer Platform

Rhea-AI Summary

CitiFX has launched Velocity 3.0, a consolidated platform for eFX trading tailored for corporate and professional investors. This new single dealer operating system integrates multiple functionalities, enhancing user experience through its new HTML5 interface. Key improvements include a 50% reduction in cold start time and a 71% faster deal booking process. The platform addresses liquidity fragmentation issues, offering a unified solution for execution and workflow while being accessible across various devices. Velocity 3.0 has already received accolades, including Best Bank Platform from Global Finance FX Tech Awards 2023.

Positive

• Velocity 3.0 is 50% faster on cold starts and 30% faster on hot starts.
• Deal booking is 71% faster while order placement response times improved by 94%.
• Velocity 3.0 facilitates better liquidity management through a unified platform, addressing client needs.

Negative

• None.

LONDON--(BUSINESS WIRE)-- CitiFX has consolidated its portfolio of eFX trading platforms for corporate and professional investor clients.

Velocity 3.0, the new single dealer is an operating system that delivers 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.

“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,” said Ala’a Saeed, CitiFX’s Global Head of Electronic Platforms.

Compared with Citi’s classic platforms:

• Velocity 3.0 is 50% faster with a cold start, 30% faster with a hot start
• 71% faster deal booking
• 94% faster order placement response
• The Velocity 3.0 blotter loads 65% faster and filters 15% faster than the classic CitiFX Pulse blotter.

Built on HTML5 technology, Velocity 3.0 is accessible across all popular operating systems from any browser. The platform-independent technology can be deployed flexibly across devices – whether web, desktop, or mobile – realizing tremendous economies of scale.

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. “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,” said Jon Lofthouse, Global Head of Markets Technology at Citi.

Investment in our architecture remains a key priority for CitiFX, as we look to meet client needs while simplifying technology, strengthening operational resilience, to deliver an optimized performance and client experience.

Global Finance, FX Tech Awards 2023: Best Bank Platform, Velocity 3.0.

FX Markets, e-FX Awards 2022: Best Single-Dealer Platform; Velocity 2.0. Best Liquidity Provider for Corporates, CitiFX Pulse.

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Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005659/en/

Rekha Jogia-Soni

rekha.jogiasoni@citi.com

Source: Citi

FAQ

What is Velocity 3.0 launched by Citi?

Velocity 3.0 is a new eFX trading platform that integrates multiple CitiFX functionalities for corporate and professional clients.

How much faster is Velocity 3.0 compared to previous platforms?

Velocity 3.0 offers a 50% faster cold start and 71% faster deal booking compared to classic platforms.

What technology is used in Velocity 3.0?

Velocity 3.0 is built on HTML5 technology, enabling access across all major operating systems and devices.

What awards has Velocity 3.0 won?

Velocity 3.0 was awarded Best Bank Platform by Global Finance FX Tech Awards 2023.

How does Velocity 3.0 address liquidity issues?

The platform provides a unified integration for execution and workflow, optimizing liquidity sourcing for clients.