Richard Evans has been promoted to head up Citi’s global electronic execution business. In his new role, based in London, Evans will be charged with continuing Citi’s drive to create consistent global electronic trading product offerings from agency program trading to transaction cost analysis, market data monetization and the Lava e-trading business.

“Citi customers expect innovation in financial products and global consistency,” says Evans, who will oversee teams in the U.S., London and Asia. “We’ve been regionally silo’d in our approach until now with electronic execution as a business in the U.S. and alternative execution as a business in Europe so we’re working to bring that all together.”

Evans explains that as electronic trading has matured in the U.S., there is a great opportunity to leverage the product and knowledge base built up and extend that out to Europe, Asia and beyond.

“Even though the U.S. market place is the biggest market in terms of opportunity, the rate of change is not the same as it is now in Asia and Europe,” says Evans. He adds that with MiFID in Europe and Reg NMS in the U.S. he sees the markets starting to converge in terms of the way people trade.

“The markets are very different by region, but I believe the market structures are likely to converge in the long term,” says Evans. “The fragmentation of liquidity is only going to increase in Europe, Aisa and the U.S. as competition continues to increase…where there is a liquidity pool Citi will be connected.”

Evans adds that ultimately his teams will strive to provide consistency and continue to work to broaden its offerings. “We bought Lava and recently acquired ATD, which was consistent with our stated objective to become a liquidity aggregator. So now we’re working to ensure our talent and knowledge in other regions in consistent.”