Citi buys minority stake of fintech trading platform
Citigroup Inc. announced on Wednesday it made a "minority investment" in a fintech trading platform called Cicada which has headquarters in Greenwich, and with operations in Mexico.
Although the financial company did not reveal further payment information, it said that "Cicada enables the e-trading of 28 Mexican government bonds, including: nominal fixed-rate notes (Mbonos) and inflation-linked securities (UDIBonos) that can settle in Indeval, Euroclear or Clearstream."
Regarding the deal, Citi's executive Jose Luis Yepez noted that "as a leading liquidity provider in the Mexican government bond market, our participation in Cicada’s platform reflects our ambition to be at the forefront of electronic trading." Citi’s shares increased 0.48% to sell for $62.3 apiece at 11:12 am ET.