The New York-based Citi group has merged its eFX offerings into a single new dealer known as Velocity 3.0. The new platform will act as a single dealer for professional investors and institutional clients. The newly launched platform is based on HTML5.
Citi Consolidates All Of Its eFX Offerings
Previously Citi was running different platforms based on the type of assets or the nature of services being offered. However, on Thursday, the New York-based investment banking giant consolidated all the platforms into Velocity 3.0. This new platform will provide all the features that were separately available on CitiFX Pulse, City Velocity, City Velocity Research and CityFX Click.
As the name suggests, CitiFX Pulse was the platform for Forex spot and derivatives. City Velocity was previously the platform that dealt with the Bank’s capital markets. The Global Head of Citi eFX termed the launch a big breakthrough that would offer connectivity solutions leveraging HTML.
“Velocity 3.0 provides a complete client offering: clients can mix-and-match the best of what CitiFX has to offer, delivering eFX à la carte via a host of connectivity solutions. The new HTML architecture framework has boosted performance across the platform, allowing us to bring together our richest digital solution to date,”
Ala’a Saeed – Global Head ePlatforms CitiFX
Velocity 3.0 Will Be Faster And Better
The newly launched Velocity 3.0 is powered by HTML 5 technology and has a boosted performance. CitiFX’s Global Head has called it the ‘richest digital solution to date’. The latest offering will be compatible with all operating systems and much more efficient than legacy systems.
The ‘platform-independent technology’ will be device agnostic and will run on desktops as well as mobile phones. Citi also claimed that Velocity 3.0 would be 94% quicker in order placement and 71% faster in deal booking services. In an official statement, Citi mentioned the reason for this change.
According to Citi, the newly launched single dealer consolidates the liquidity of all separate eFx platforms on a single platform. It also solves fragmentation issues like operational resilience and transparency.
By leveraging the latest in cloud technology and the use of Micro Front Ends, Velocity 3.0 is an agile, scalable solution allowing for rapid addition of new features
Jon Lofthouse – Global Head of Markets