Citi and BoA Building Fixed Income Trading Platform

Citi and Bank of America are working together to build a new industry-led independent data and execution platform for fixed income markets according to a story in Markets Media news. 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. 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.

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