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Case Study

Fixed Income Trading

Software Development and Migration for Tier 1 Bank

Customer Challenge

A US-headquartered Tier 1 bank approached Citihub to help with a project to replace its global fixed income trading system. The core driver for the project was to reduce operational expenditure by replacing a vendor-provided solution with a bank-owned bespoke platform.

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The ultimate goal was to displace the thirdparty solution and save a significant portion of the $20 million per year that the bank was paying in vendor fees. The ISV’s platform included market access gateways, direct market data feeds, a trading front-end, an order management system (OMS), risk management, and integration with back-office booking systems. The bank relied on the system to support credit and rates trading globally.

How Citihub Consulting Helped

The bank had already developed a number of technologies inhouse based on its proprietary trading and market data framework. However, it was specifically looking for help in developing venue interfaces that would connect its in-house developed trading, order management, market data and booking systems with a collection of credit and rates trading venues (swap execution facilities) operated by leading interdealer brokers.

Citihub provided a team of highly experienced business analysts and developers to own the specification, build and integration of 36 market access gateways, including trading, market data and straight-through processing (STP) interfaces. Those interfaces supported all required workflows, from managing electronic trades (for both order-driven and request-for-quote markets), processing affirmations for voice-brokered trades, integrating market data and trade allocation details, all the way through to STP connectors. Citihub then used its testing framework to ensure the connectors satisfied all the bank’s requirements – from functionality and performance through to operational resilience. And once all internal requirements had been fully tested, Citihub went through conformance tests with each venue – ensuring that the bank could migrate smoothly without any disruption to its operations.

Client Benefits

Reduced TCO
Citihub’s fixed-price software delivery model allowed the bank to easily budget development costs and successfully migrate away from its vendor-provided solution, realising significant savings as a result.

Improved performance
The new platform delivered far lower endto-end latency, giving the business a competitive advantage over other peer organisations still using the incumbent vendor.

Enhanced functionality
Citihub helped the bank access previously unavailable features offered via each venue’s API. These included integration of new message types confirming orders had been filled, and support for a full range of order types, from market, limit, work-up and immediate-or-cancel orders, through to a full range of multi-leg strategy trades.

Rapid deployment
Citihub’s business analysts and developers were located alongside the application owners and business users. This enabled a greater level of collaboration and cooperation to quickly define requirements and address any integration issues. Our team delivered the solution on time and in line with the bank’s technical framework specifications.

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