Citi today announced it will make its state-of-the-art equity algorithms available to the sellside through its Lava sellside product.
The Lava suite of high-performance trading solutions is widely used by the financial services industry.
Citi is expanding the availability of its algorithmic offering through Lava's product suite to meet the growing demand for advanced trading strategies. The Citi algorithms will use Lava's historical and proprietary real-time data to assess current trading conditions. The algorithms will use Lava's market access technology to improve execution quality and leverage the average 1 billion shares a day processed by Lava to make more midpoint matches. The offering will include Implementation Shortfall, Participation, VWAP and TWAP strategies.
"In the face of diversifying U.S. markets, high-speed market centers and shrinking commissions, clients need a full complement of tools to maximize execution quality and profitability," said Jim Weber, Managing Director and Head of Citi's Lava Solutions. "Leveraging our Citi trading strategies will help sellside clients compete even more effectively in the marketplace. This algorithmic solution is a natural extension of Lava's ColorBook system, which embeds new electronic executions strategies into our OMS product."
"We are very pleased to extend our advanced algo strategies to the sellside using Lava's technology," said Joel Steinmetz, Managing Director and Head of Citi Electronic Execution. "The combination of Citi's advanced quantitative models with the Lava technology will allow broker dealers to reduce market impact, improve performance against benchmarks and manage trade consistency."