Citi Announces Strategic Investment In Cicada

(RTTNews) - Citi's Markets Strategic Investments unit has made a strategic minority investment in Cicada Technologies Inc. Cicada is a fintech based in Greenwich, CT that also has a presence in Mexico. Citi joins existing investors Kaszek Ventures, Dila Capital and BCP Securities.

In 2022, Cicada launched an all-to-all electronic alternative trading system that helps global institutional buy-side and sell-side market participants trade Mexican Government fixed-income securities among each other without the need of a pre-existing trading relationship.

Jose Luis Yepez, Head of Local Markets Rates Trading at Citi, said: "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 said it will also act as a liquidity-provider for the trading platform.