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Citadel selects Bloomberg for derivatives trading and access to clearing

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Citadel is now using Bloomberg’s fixed income trading platform for electronic trading and clearing of interest rate swaps.



Citadel is one of a growing number of institutions using Bloomberg for electronic execution and access to clearing in preparation for upcoming Dodd-Frank regulatory deadlines.

The first trades were placed by Citadel on Monday via Bloomberg’s multi-dealer trading platform (BBTI <GO>) and cleared through LCH.Clearnet.

"Our investment activity requires a world-class platform that delivers the very best in market liquidity and streamlined, front-to-back, straight-through processing," says Richard Mazzella, chief operating officer of Citadel’s global fixed income business. "Bloomberg’s platform provides this powerful combination, strengthening the quality and efficiency of our vanilla interest rate swap activities to the benefit of our investors."

Bloomberg’s automated solution provides direct access to LCH.Clearnet and other clearing houses, without the use of additional middleware.

Bloomberg intends to register with the Commodity Futures Trading Commission (CFTC) as a swap execution facility (SEF). Bloomberg Professional service subscribers have leveraged direct connectivity to CME Clearing, IntercontinentalExchange (ICE) and LCH.Clearnet since 2009.

"We are delighted that Citadel has chosen to collaborate with LCH.Clearnet to satisfy its regulatory requirement for central clearing," says Daniel Maguire, managing director and head of SwapClear, US, LCH.Clearnet. "By also using Bloomberg’s trading platform, Citadel is able to fully realise the efficiency benefits of integrated trade processing. Collaborations such as these are essential for the smooth implementation of Dodd-Frank and other global clearing mandates."

Deutsche Bank was the executing broker in Monday’s trades. Bloomberg’s interest rate trading platforms offer liquidity from 24 leading providers and clearing services from 12 global brokers.

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