Citi To Expand Electronic Trading In Turkey

Reuters/Brendan McDermid

Financial Times – By Philip Stafford – June 13, 2012

Citigroup is to offer its full range of algorithms to customers in Turkey in a further sign that investors are turning their attention to the fast-growing country.

The US broker will offer its algorithmic and direct market access trading products to customers trading electronically on the Istanbul Stock Exchange via Citi Menkul, the local brokerage Citi bought five years ago.

It is a sign that overseas banks and brokers are looking to expand into the Middle Eastern country as it reforms its capital markets infrastructure. The country’s two main exchanges, the ISE and TurkDex, the Izmir-based derivatives exchange, are set to be combined into one “multi-asset” bourse as part of the government’s ambition to create a regional financial centre based in Istanbul.

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