What Cicada Technologies does

Cicada Technologies, Inc. operates a SEC-registered Alternative Trading System (ATS) through its subsidiary Cicada Securities, LLC, a FINRA and SIPC member broker-dealer headquartered in Greenwich, Connecticut. The company provides an electronic trading platform for Latin American local-currency government bonds, initially focused on Mexican instruments (M Bonos, UDI Bonos, and Cetes), and is developing an electronic venue for Mexican TIIE interest rate swaps. Its platform offers two trading protocols — a Central Limit Orderbook (CLOB) and Request for Quote (RFQ) — within an all-to-all, fully anonymous environment that supports cross-border liquidity access for institutional investors and dealers.

The underlying technology is a distributed microservices architecture with event-driven design, built on Go and Python backends, React/Tailwind/Next.js frontends, PostgreSQL and MongoDB data layers, and Kubernetes/Docker on AWS. Complementary modules include Cicada Vision (data visualization with historic prices, sovereign curve plots, spread analysis, and relative value matrices), Cicada Data (pre-trade transparency tools), a Live Prices page, and a comprehensive REST API for proprietary system integration. The ATS fee schedule and API-first design reflect an enterprise go-to-market targeting institutional investors and dealers globally.

Cicada's business model is transaction-based, generating revenue from ATS trading fees on its registered venue, supplemented by platform services for connectivity, data, and tooling. Founded in 2022, the company has raised approximately $22.1 million cumulatively across a $7.6M seed round (Kaszek, DILA Capital), a 2024 Citi strategic minority investment, a ~$1M bridge in late 2024, and a $13.5M Series A in February 2026 led by Citi with participation from B3's L4, Kaszek, Dila, and Crestone. The capital is earmarked to expand the platform across additional LatAm markets, build the TIIE swap venue, and scale liquidity via a strategic equity program for market makers anchored by leading Wall Street institutions.

Name

Cicada Technologies

Legal name

Cicada Technologies, Inc.

Website

https://cicada.io

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Cicada Technologies operates a SEC-registered Alternative Trading System providing an all-to-all, anonymous electronic trading platform for Latin American local-currency government bonds (starting with Mexico), serving institutional investors and dealers globally via CLOB and RFQ protocols.

Ownership category

akta.pro rank

Product category

Electronic Fixed-Income Trading Platform

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)

Keywords

• Electronic bond trading
• Alternative trading system
• Latin american bonds
• Fixed income trading platform
• Sovereign debt execution

Headquarters

HQ city

Greenwich

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Alternative Trading System (ATS) Fees: Cicada operates a SEC-registered Alternative Trading System and charges fees for trading access and execution. The platform has a disclosed ATS Fee Schedule available to participants.
2. Platform Services: Provides electronic trading platform services to institutional investors and dealers, including connectivity, trading protocols, and data tools.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Cicada Technologies operates an SEC-registered Alternative Trading System (ATS) that enables institutional participants to electronically trade Latin American local-currency government bonds. The platform provides centralized execution, price discovery, and liquidity access in a market segment historically traded via voice and dealer networks.

Product overview

Cicada offers a unified electronic trading platform for Latin American local-currency bond markets. The core product is the Cicada Platform (a SEC-registered ATS) which provides two trading protocols—Central Limit Orderbook and Request for Quote—for trading Mexican government bonds (M Bonos, UDI Bonos, Cetes). This platform is complemented by Cicada Vision and Cicada Data (for market analysis and pre-trade transparency), Live Prices (real-time/delayed market data), and the Cicada API (for programmatic access and integration into proprietary systems). The company operates as a U.S.-regulated broker-dealer (FINRA/SIPC member) connecting institutional capital to Latin American fixed-income markets.

Differentiator

Problem solved

Functional benefit

Brands

• Cicada Vision: Data visualization tool for market insights including historic prices, sovereign curve plots, spread analysis, and relative value matrix.
• Cicada Data

Products and services

• LATAM Sovereign Bond ATS SEC-registered Alternative Trading System providing electronic execution, price discovery, and liquidity aggregation for Latin American local-currency government bonds, designed for institutional broker-dealers and buy-side participants.

Quantifiable outcome

• Over 98% of daily trading in Mexico's $500B fixed income market remains non-electronic, representing significant digitization opportunity
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Scale indicators6 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• MarketAxess: MarketAxess operates electronic trading platforms for fixed income securities, including emerging market and sovereign bonds. It is the closest analog to Cicada in business model (ATS-style electronic venue) and customer base (institutional fixed income participants), though it operates at vastly greater scale across multiple asset classes.
• Trumid: Trumid is an electronic trading platform for corporate credit, offering CLOB and RFQ protocols with all-to-all trading and data tools. Its product design (CLOB + RFQ + analytics, ATS-grade execution, institutional client base) closely mirrors Cicada's platform for sovereign bonds.
• Tradeweb Markets: Tradeweb is a leading electronic trading platform for institutional fixed income, derivatives, and ETFs with deep institutional penetration. Its institutional fixed income franchise, including emerging market debt, makes it a direct comparator to Cicada's all-to-all electronic sovereign bond model.
• Liquidnet: Liquidnet operates electronic trading platforms for institutional block trading in fixed income and equities. Its focus on institutional credit and fixed income trading with all-to-all and dealer-to-client protocols makes it a strong direct comparable to Cicada's institutional-only fixed income ATS.
• Fenics (BGC Group): Fenics is BGC Group's electronic trading platform for fixed income and derivatives, offering all-to-all and streaming protocols. It targets the same institutional fixed income clients and competes on similar electronic workflow and pre-trade data capabilities.

Broad incumbents

• Intercontinental Exchange (ICE): ICE operates global electronic exchanges and fixed income trading platforms (including former Creditex). As a large diversified incumbent with institutional market infrastructure, it is comparable in regulatory and venue-operation scope, though not a direct competitor in LatAm sovereigns today.
• CME Group (BrokerTec): CME Group operates BrokerTec, one of the largest electronic platforms for institutional fixed income trading globally. As a major incumbent exchange operator with deep capital, regulatory, and distribution advantages, it represents a potential competitor for cross-border electronic sovereign bond flow.
• MTS (Euronext): MTS, part of Euronext, is a leading electronic fixed income trading venue for European sovereigns and repo, with a broader multilateral trading facility footprint. It is a broad incumbent comparable to Cicada in operating regulated electronic venues for government bond trading.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hellocicada

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cicada Technologies