Citi, Bank of America to Lead Development of Independent Data and Execution Platform
April 12 2021 - 8:29AM
Business Wire
Citi and Bank of America are working together to build a new
industry-led independent data and execution platform for fixed
income markets.
The venture plans to develop a next generation trading, data and
analytics platform for structured credit and underlying collateral
markets. The contemplated multi-dealer platform will focus
initially on CLOs and syndicated loans, with plans to expand into
other asset classes.
Bank of America and Citi initiated the build of this platform to
address some of the biggest challenges in both CLO and Syndicated
Loan markets, for both dealers and buy-side clients including
efficiency, liquidity, and cost of execution. Citi is backing this
effort through its Spread Products Investment Technologies (SPRINT)
group, within the Citi Markets FinTech Investments program.
“With the acceleration of electronification in the fixed income
market, this collaborative effort will help lead the change,” said
Brian Bejile, Head of Loan Portfolio Trading and E-Trading for
Loans and CLOs at Citi. “The platform, which is currently in
testing phase and is expected to launch later this year will build
out a more accessible, user-friendly marketplace for third party
data and analytics and will combine the trading and data
consumption in these markets onto a single platform with seamless
user experience.”
“The aim is to create an independent, multi-dealer platform for
the CLO and loan market,” said David Trepanier, Head of Structured
Products, Global Credit at Bank of America. “Not only will the
platform help to increase operational efficiencies and
transparency, we believe this is going to change how the industry
currently trades in these markets and eventually lead to greater
liquidity and market participation.”
“We are excited about Bank of America and Citi coming together
to form this industry-led initiative to better serve the buy-side
community,” said Alex Naboicheck, Head of U.S. Leveraged Loan
Trading at Bank of America.
The banks are also focused on modernizing technology development
and speed to market for new products and protocols. The agile, low
code methodology used to build the initial two protocols for CLO
BWICS and loan matching aims to shorten development lead time
relative to traditional models.
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at http://www.citigroup.com
| Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog:
http://blog.citigroup.com/ | Facebook: http://www.facebook.com/citi
| LinkedIn: www.linkedin.com/company/citi.
About Bank of America
Bank of America is one of the world’s leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services.
The company provides unmatched convenience in the United States,
serving approximately 66 million consumer and small business
clients with approximately 4,300 retail financial centers,
including approximately 2,700 lending centers, 2,600 financial
centers with a Consumer Investment Financial Solutions Advisor and
approximately 2,400 business centers; approximately 17,000 ATMs;
and award-winning digital banking with approximately 39 million
active users, including approximately 31 million mobile users. Bank
of America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world.
Bank of America offers industry-leading support to approximately
3 million small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the United States, its
territories and approximately 35 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
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version on businesswire.com: https://www.businesswire.com/news/home/20210412005191/en/
Reporters May Contact: Citi Scott Helfman +1 212-816-9241
Scott.helfman@citi.com
Bank of America Gaël Gunubu +442079965625
gael.gunubu@bofa.com
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