NEW YORK (
on Monday agreed to implement market data and compliance services through NYSE Technologies, a division of
, in a move it expects will reduce its overall market data administration costs.
Financial terms of the deal weren't disclosed.
Citigroup is the first customer for NYSE Technologies' new market data administration service, according to a press release. The service will include "direct reporting of entitlements to exchanges, exchange compliance, and the elimination of multiple user exchange fees across vendor platforms, among other things."
The company's statement did not say how much money Citigroup expects to save by using the NYSE platform, which is being offered in collaboration with Jordan & Jordan, a market data management consulting and information technology services firm. A Citigroup spokesperson was not immediately available for comment.
"Citi's use of NYSE Technologies' market data administration service is an industry-leading approach that emphasizes Citi's commitment to data compliance and expense control," said Don Madura, Citigroup's Global Head of Real Time Market Data. "This service allows us to enhance our data compliance, reduce our administration costs and better control our exchange fees. It's part of our strategy of faithful reporting and paying only for what we use."
Jose Luis Coirolo, managing director of Global Market Data at NYSE Technologies, said in the release that the DART
Data Administration and Reporting Technologies platform offers "a complete range of global, exchange-agnostic tools and services that address most aspects of a firm's administration of market data."
Citigroup shares flat at $3.25 in morning trades. Volume out of the gate was strong as roughly 123 million Citigroup shares changed hands in the first hour of Monday's session.
--Written by Laurie Kulikowski in New York.