US based Citi has rolled out a real-time alternative trading platform, known as Citi Cross, which uses unique even allocation matching algorithm to provide different sources of liquidity, to various market participants.
The buy-side and sell-side clients will now have access to retail and institutional order flow before it goes to the open market, claims the bank.
Utilizing the matching algorithm, the new alternative trading system fills orders on a per-participant basis, eliminating the need of price-time priority and pro-rata conventions.
Citi Cross ATS head Hannes Greim said the platform enables trades with trading styles to provide a valuable source of liquidity to institutional and retail flows.
"By mitigating those factors which have generated market micro-structure advantages on other platforms, we have created a venue on which historically eschewed flows can interact in a controlled, equitable, and even manner," Greim added.
Citi cash equities global head Dan Keegan said, "Citi Cross levels the playing field, affording a low latency platform with commonality in how price improvement is shared across all market participants."