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In an effort to expand its electronic trading business in the emerging markets worldwide, Citigroup Inc. ( C - Analyst Report ) has launched an algorithmic platform in Turkey. The company is providing a full range of algorithmic as well as direct market access trading products that offer customers electronic access to the equities markets in Turkey.
The launch was made on the Istanbul Stock Exchange through Citi Menkul which is a wholly owned broking subsidiary of Citi. The business was acquired in 2007. It was with this buyout that Citi commenced its equities business in Turkey.
This move by Citi is its latest strategic effort to expand its electronic trading platform in the developing markets. Toward the end of last year, Citi had launched a new electronic equity trading platform in Israel. Of late, it has boosted that service by launching its Citi Matchcrossing service.
Going forward, one can consider a company like Citi as a value investment given its global footprint and attractive core business. Strategic efforts to boost its international business also augur well amid a slowing recovery of the U.S. economy.
Moreover, we believe that investments and efficiency savings at Citi would help in garnering solid market share. Improved credit trends are encouraging. The expense outlook is also impressive. Yet, a low interest environment, low liquidity and a tough regulatory environment remain our concerns.
Citi shares currently retain the Zacks #3 Rank, which translates to a short-term Hold rating. Considering the fundamentals, we also maintain a long-term Neutral recommendation on the stock. One of its peers, Bank of America Corp. ( BAC - Analyst Report ) also shares a Zacks #3 Rank.
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