Cicada, a Greenwich, CT-based operator of an SEC-registered Alternative Trading System (ATS), has raised $13.5M in Series A funding. The platform delivers an all-to-all anonymous trading venue for local currency government bonds in emerging markets, focusing initially on Mexican securities such as M Bonos, UDI Bonos, and Cetes. It combines central limit order book and RFQ protocols with automated trade and post-trade processes.
US-Mexico Bridge Unlocks Liquidity
Cicada's headquarters in Greenwich, CT, paired with a Mexico City branch, facilitates cross-border access for institutional investors and dealers in LatAm fixed-income markets. As an SEC-registered ATS operated by Cicada Securities, LLC—a FINRA and SIPC member—it ensures U.S. compliance for trading emerging market bonds. This dual presence overcomes traditional barriers where local relationships dictate access.
Bilateral Deals Fragment EM Bonds
Local currency government bonds in emerging markets traditionally trade bilaterally over-the-counter, restricting participation to established dealer-client pairs. This model hampers liquidity, transparency, and efficient price discovery for broader institutional involvement. Cicada eliminates the need for prior relationships through its all-to-all structure.
Anonymous CLOB Deploys for Mexico
The core trading platform offers a central limit order book (CLOB) and RFQ tools—including Security Screen, Curve Scanner, RFQ Manager, and Blotter—for streamlined workflows. Live market data provides pre-trade transparency with quotes, volumes, and depth across 20+ Mexican sovereign bonds. Anonymity persists from order submission to settlement, differentiating from relationship-based systems.
API and Vision Power Decisions
Cicada API enables full integration into clients' proprietary systems for automated trading. Cicada Vision supplies analytics like historic prices, curve plotters, spread analysis, and relative value matrices. These tools address inefficiencies in opaque emerging markets trading.
Series A Scales Tech Infrastructure
The Series A infusion supports expansion of the platform amid rising demand for electronic trading in EM fixed income. Cicada employs a modern stack—Go, Python, React/Next.js/Tailwind, PostgreSQL/MongoDB, Kubernetes/Docker on AWS—to deliver real-time performance. ATS status validates its readiness for institutional volumes.
20+ Bonds Live Signal Shift
Real-time data now covers over 20 Mexican sovereign bonds, pioneering electronic venues for local currency EM debt. The platform's focus on anonymity and all-to-all access positions Cicada to capture institutional flows into LatAm markets. U.S.-Mexico operations enhance global accessibility without local intermediaries.