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Treasury

Citi tie-up with Snowflake aims to tackle post-trade friction

Citi hopes to gain an edge in the highly competitive – and lucrative – securities services market by teaming up with data cloud company Snowflake to improve information flows across transactions.

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Citi is looking to develop a frictionless solution for post-trade processes by combining its proprietary custody network with Snowflake’s data sharing and multi-party permissioning capabilities.

Securities services is big business for Citi. The bank’s Q3 results reveal securities services revenue of $692 million – up 10% from the same period last year, despite total markets and securities services revenue falling by 4% year-on-year.

Global revenues have been under pressure, remaining flat during the first half of this year, even though equity markets reached an historical high, according to the Coalition index for securities services.

A whitepaper published by Citi in October – titled Disruption and transformation in financial market infrastructures – referenced a complex and fragmented post-trade environment and acknowledged the technology adoption challenges presented by the size and number of interconnecting organizations in the post-trade space.

The potential applications extend beyond transactions. Income and lending are just some of the areas we could explore
Fiona Horsewill, Citi

Okan Pekin, global head of Citi securities services, observes that the bank is striving to provide solutions to the challenge of multiple records across multiple systems and the associated costs and data-reconciliation consequences that hinder clients and the wider industry.

Fiona


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