Citi launches algorithmic platform in Turkey

Citi has launched a full suite of algorithmic and direct market access trading products providing clients electronic access to the

Citi has launched a full suite of algorithmic and direct market access trading products providing clients electronic access to the Turkish equities markets. The new platform delivers Citi’s market-leading technology through a range of smart and flexible algorithms, enabling clients to enhance their trading capabilities.

The algorithms were launched on the Istanbul Stock Exchange via Citi Menkul, a wholly-owned broking subsidiary which Citi acquired in 2007. This purchase initiated Citi’s equities business in Turkey and highlights its continued commitment to expanding innovative electronic trading solutions into emerging markets worldwide.

The Turkish Lira is trading at 1.818 against the greenback.

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“We’ve combined our comprehensive suite of algorithmic strategies with an unrivalled level of local knowledge and service to help our clients succeed in this exciting market,” said Tim Wildenberg, head of electronic trading, EMEA.

This development follows similar steps taken in other developing markets. At the end of 2011, for example, Citi launched a new electronic equity trading platform in Israel and has recently enhanced this service by introducing its Citi Matchsm crossing service.

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Citi Equities Electronic Markets business delivers the tools to navigate today’s increasingly complex markets by bringing together intelligent liquidity access, global execution expertise and ongoing innovation.

Turkey is one of the largest FX markets with daily volumes in the $20 billion region. Since the new regulations last summer 11 broker/ dealers operate. The FXPB market is ripening with the new wave of Turkish FX brokers.

Integral Menkul is one of the largest brokers in Turkey, their founder S Hakki Ulukartul passed away last week, only 43 years old. May he rest in peace.

Last month Citigroup sold its stake in Turkey’s Akbank Worth $1.27 Billion.

 

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