With a share of the U.S. equities market of 14 percent, Citigroup (NYSE:C) wants to increase that to a much higher percentage, and to attempt to do that they're about to drop their old trading algorithm platform and introduce a new one.
The old system will be laid to rest on May 1, and close to 1,000 clients of Citigroup will migrate to the new system, which will be much faster in executing orders to capture the immediate liquidity in the market.
Head of global electronic trading at Citigroup, Steve Swanson, said the goal is to increase the equity share of Citigroup to 20 percent of the market; this includes all the equity businesses run by Citi.
The overall strategy is to create a track record using their new algorithm which they can then use as a marketing tool to attract new business based on its superior performance against their competitors; assuming the performance is superior.
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