"We are very pleased to combine our well-known multi-asset class Transaction Cost Analysis (TCA) business 'TCA-in-a-Box' with the highly regarded BECS multi-broker post-trade system that Citi has developed over the past few years," stated Philippe Buhannic, Chief Executive Officer of TradingScreen. Mr. Buhannic added, "In many ways, it is a perfect match between TradingScreen's unparalleled integration of workflow, distribution capability, easy deployment, and the strong analytics of the BECS system." He then concluded, "This license will allow Citi to deploy an independent TCA capability to its large client base in a very easy manner while providing them with a new level of service and integration. This transaction represents a very important step towards the TradingScreen goal of offering a one-stop-shop destination for large institutional clients across the globe. We are very pleased that Citi has selected us as a partner to further enhance an already established product."
Dan Keegan, Global Co-Head of Citi's Electronic Markets, said, "We are pleased to partner with TradingScreen for licensing of the BECS multi-broker post-trade system. Their expertise will benefit our clients as we focus on the execution capabilities offered by the LavaFlow ECN, ColorBook smart order router, premier Citi Match dark pool, options and equities market making, and Citi's algorithmic product suite."
Acquired by Citigroup in April, 2004, BECS is a Web-based system that was fully-owned, but independently managed by Citigroup Global Markets.