Citi has invested in TransFICC, a provider of low-latency connectivity for fixed income and derivatives markets.


Image: Citi invests in TransFICC. Photo: Courtesy of TransFICC.

TransFICC offers banks and asset managers with a unified low-latency, and scalable API to resolve market fragmentation.

The company allows financial institutions to access their required eTrading venues, while streamlining technology needs and lowering operational costs.

The existing shareholders of TransFICC including Illuminate Financial, Main Incubator (the R&D unit of Commerzbank) and The FinLab (a joint venture between UOB and SG Innovate).

TransFICC has also joined Citi’s innovation lab in London, which was launched in February this year.

The innovation lab supports Citi’s markets and securities services globally and is focused on developing competitive advantage for clients through solutions that use advanced technologies such as data science and visualization along with high performance computing.

TransFICC co-founder Judd Gaddie said: “Fragmentation is a significant, and growing, issue for Fixed Income and Derivatives markets. We have built a technology solution, which addresses an industry level problem, as Dealers seek to cut their costs and improve efficiency, whilst still needing to access numerous pools of liquidity. We look forward to working with Citi, as our new shareholder, and leveraging their industry knowledge to build out our future strategy.”

TransFICC said joining Citi’s innovation lab will allow it to work collaboratively with Citi, share expertise and will offer access to a larger pool of technical experience.

Citi markets and securities services operations and technology global head Stuart Riley said: “TransFICC’s approach to Continuous Delivery and high-performance messaging, combined with its innovative business model for Capital Markets Fintech makes it a good fit for the Lab.”

Citi established its first innovation lab in 2009 in Dublin, Ireland. Since then, the company has been expanding the network of its global innovation labs to locations such as Israel, Singapore and Mexico, with more than 250 senior technologists.

The labs promote rapid research, experimentation and prototyping of next-generation solutions to deliver value to clients.