[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Citi
C
itigroup (Citi) is a New York-headquartered bank
with a physical presence in 98 countries and trad-
ing desks in 77 markets. Citi’s trading platform offers
DMA-capable online execution to markets across the
Americas, Europe, the Middle East, Africa, and the
Asia-Pacific. Citi’s smart order router and algo-
rithms utilise several routing strategies. They
are specialised for seeking liquidity in passive,
aggressive, and opportunistic modes, utilising
both lit and dark venues.
Citi ranks 12th in relation to the number
of responses (22) from surveyed long-only
funds that look to the bank as their algo provider. Fifty-six
percent of fund managers indicate they trade over half the
value of their portfolio using algorithmic means. The ma-
jority, or 59%, manage assets over US$50 billion. Citi was
not profiled in last year’s report, as the bank received insuf-
ficient responses at that time. The company’s highest
score is in customer support (5.80), which ranks
eighth among firms. The bank’s lowest score of
Average
5.12 is attributed to execution consulting, for
Score
which it ranks last among peers. Overall, an
average score of 5.42 is also last in the group.
5.42
CITI RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader
productivity Reduced market
impact Execution
consistency Cost Speed Anonymity Price improvement Customisation
5.28 5.43 5.43 5.64 5.55 5.40 5.15 5.15
Ease of use Data on venue/order routing
logic or analysis Customer
support Execution
consulting Dark pool
access Flexibility and sophistication of
smart order routing Algo monitoring
capabilities
5.65 5.36 5.80 5.12 5.68 5.43 5.29
KEY STATS
5.80 5.12 0.68 -0.45
Highest score
(customer
support) Lowest score
(execution
consulting) Most improved
(dark pool access) Least improved
(execution
consulting)
84 // TheTRADE // Spring 2020