Citigroup and NYSE Technologies, the technology arm of NYSE Euronext (NYX) have formed an agreement to embark on a wide-ranging market data compliance and cost savings strategy, both companies announced this morning.

The strategy includes the use of NYSE Technologies’ enhanced product suite, built on DART technologies, in collaboration with Jordan & Jordan, a market data management consulting and information technology services firm, to create a managed service that will facilitate the reduction of market data administration costs.

Citi, the first customer for NYSE Technologies’ new market data administration service, will use DART (Data Administration and Reporting Technologies) on a global basis to implement key aspects of its market data administration workflow. The service will include, among other things, direct reporting of entitlements to exchanges, exchange compliance, and the elimination of multiple user exchange fees across vendor platforms.

Don Madura, global head of real time market data at Citi, said the NYSE service will allow Citi “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.”

“To have a global financial leader such as Citi select NYSE Technologies’ managed service is a tremendous validation of DART’s value and utility in today’s data-intensive environment,” said Jose Luis Coirolo, managing director of global market data at NYSE Technologies. “Our approach is to help customers reduce their costs, and increase their efficiency, by managing market data in smarter, more effective ways. DART offers a complete range of global, exchange-agnostic tools and services that address most aspects of a firm’s administration of market data.”

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