FX.co ★ Citi Announces Strategic Investment In Cicada

Citi's Markets Strategic Investments division has strategically invested in Cicada Technologies Inc., acquiring a minority stake. Cicada is a fintech firm headquartered in Greenwich, Connecticut and has a footprint in Mexico. Citi has thus joined other investors like Kaszek Ventures, Dila Capital, and BCP Securities.

In 2022, Cicada initiated an all-encompassing electronic alternative trading system. This system is specially designed to aid global institutional buy-side and sell-side market players in trading Mexican Government fixed-income securities among themselves, eliminating the necessity for a prior trading connection.

Jose Luis Yepez, the Head of Local Markets Rates Trading at Citi, made a statement underscoring the importance of this move. He expressed that as a leading liquidity provider in the Mexican Government bond market, their participation in Cicada's platform demonstrates their aspiration to be pioneers in the realm of electronic trading.

Furthermore, Citi confirmed that it would also serve as a liquidity provider for this trading platform.