Citadel Securities has partnered with e-trading technology provider for fixed income markets, TransFICC, to lead a $25 million Series B investment round.
Amit Bhuchar
The investment will provide infrastructure, expanding TransFICC’s electronic trading capabilities in a bid to enhance venue and workflow support.
Other investors in the funding round include BlackFin Tech, AlbionVC, Citi, HSBC, Illuminate Financial, ING, and Commerzbank Group’s early-stage investor and innovation unit, neosfer.
To date, the combined investments raised totals $50 million.
Amit Bhuchar, head of FICC liquidity solutions, Citadel Securities, said: “Citadel Securities has a long history of developing innovative solutions to help our clients and partners address their most complex liquidity and execution challenges.
“We are pleased to partner with TransFICC to shape the future of fixed income market making through increased automation, connectivity and efficiency.”
According to TransFICC, the technology aims to address challenges presented by the increased adoption of algo tools, all-to-all markets and the rise of fixed income ETFs that are driving demand for automated solutions.
TransFICC, which specialises in low-latency connectivity and workflow services for fixed income and derivative markets, launched its TransACT (Automated Customer Trading) service in 2024, which automates request for quote (RFQ) negotiation workflows for banks trading on dealer-to-client (D2C) venues.
Read more – TransFICC to bid for fixed income consolidated tapes
In November 2024, the firm announced its intentions to bid to be a consolidated tape provider (CTP) for fixed income, ahead of expected confirmation and authorisation of the new CTPs in Q4 of this year.
In the same month, Broadridge Financial Solutions’ LTX partnered with TransFICC at the end of last year to enable more efficient venue onboarding via its One API for eTrading platform
TransFICC co-founder Tom McKee said: “Fixed income trading firms need to support and expand venues and workflows while maximising efficiency. However, the time and development costs of connectivity can be significant.
“At TransFICC, our intention is to enhance our venue and workflow support so that clients can connect more quickly and at a lower cost.”