Citi announces new UK and Europe TTS Head
(4 February 2020 – Europe) Peter Crawley has been announced as Citigroup’s new treasury and trade solutions (TTS) head for Britain and Europe and will move into his new role with effect from April 6.
Based in London, Mr Crawley will be responsible for driving business strategy, new business development, product innovation, client experience and the delivery of the financial plans for TTS in the UK and Europe.
The announcement comes as Citigroup is seeking to centralise and automate its foreign exchange (FX) post-trade processing by building upon its partnership with shared ledger technology specialist Cobalt.
Citi joins Deutsche, XTX Markets and Saxo Bank on the Cobalt platform. All groups confirmed they have gone live with the technology as of Q3 2019. Cobalt stated that it was working with more than 20 major financial institutions, many of which are being onboarded to the post-trade infrastructure.
“The two biggest business issues banks face today are managing risk and the scaling of their business with the rise of smaller tickets. Cobalt’s solution ensures we can reduce operational risks associated with legacy systems and slash the cost of processing tickets for our entire FX business using a single platform” said Deutsche Bank Co-Head of Global FX, Russell LaScala.
“We are pleased to welcome Citi, one of the largest bilateral FX trading participants. They join major FX institutions, including prime brokers and the largest non-bank liquidity provider, among others, showing Cobalt’s breadth of offering across the FX market” stated Cobalt CEO Darren Coote.