Citi Sharing Post-Trade Data With Snowflake to Ease Settlement
- Bank is aiming to provide real-time record to all parties
- Clients are ‘receptive to looking at operational efficiencies’
Photographer: Gabby Jones/Bloomberg
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Citigroup Inc. will begin sharing some data with cloud-storage software maker Snowflake Inc., a move that will help the bank reduce costs and streamline some of its post-trade processes.
Any time a trade occurs, a whole host of players across markets have to reconcile that activity in their ledgers. With its latest tie-up, announced Wednesday, Citigroup is aiming to provide a real-time record of that data to all parties in a transaction, said Fiona Horsewill, head of data for Citigroup’s securities-services business.