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Citi launches alternative trading facility: CitiBLOC

First Published 12th October 2016

Citi rebrands Liquifi ATS into CitiBLOC, an alternative trading system designed for block execution.

New York - CitiBLOC leverages conditional orders to seek block execution. Intended to minimize the opportunity cost typically associated with trading blocks of stocks, it is designed to only accept auto firm-ups, and has a nearly 90% normalized firm-up rate.

CitiBLOC accepts conditional buy and sell orders and sends an invitation to firm-up to each of the participants when there is a potential match. It has a unique rank, time matching priority. Rank is determined by a combination of firm-up rate and size of firm-up orders. A minimum size of 5,000 shares or a notional value of at least US$100,000 is required per order.

The crossing engine is also compliant with the SEC's tick size pilot as all executions are done at midpoint.