NEW YORK--()--Citadel, a leading global financial institution, is now using Bloomberg's Fixed Income Trading platform for electronic trading and clearing of interest rate swaps.
“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.”
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 <GO>) 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."
For more information about Bloomberg's fixed income electronic trading platform visit www.bloombergpro.com/fixedincome or contact:
- US - Jennifer McMullen, firstname.lastname@example.org, 212-617-3521
- EMEA - Andrew Moreton, email@example.com, 44-20-7673-2641
- APAC - Richard Warrick, firstname.lastname@example.org, 852-2977-6973
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 310,000 subscribers globally.
Established in 1990, Citadel is a leading global financial institution with a diverse business platform, built on a foundation of world-class talent, technology and infrastructure. For over two decades Citadel has deployed capital on behalf of its investors across multiple alternative investment strategies. Citadel operates in the world’s major financial centers including Chicago, New York, London, Hong Kong, San Francisco, Boston and Dallas.