Citi and Saxo Bank, a Copenhagen-headquartered online bank, have joined up to launch CitiFX Pro, an online foreign exchange trading platform for private clients and smaller institutional traders.
CitiFX Pro will offer more than 150 currency crosses and, subject to regulatory approval, is scheduled to begin operating soon in the US market. It will be rolled out in other countries during 2008. CitiFX Pro has been developed specifically for Citi based on its specifications and needs.
Jeff Feig, Citi’s global head of G10 foreign exchange, says: “We believe providing FX execution service to sophisticated individual traders and small institutions using state-of-the-art online tools is a natural extension of our global FX product suite.”
He adds that Citi is partnering with Saxo Bank because of its strength in online trading.
CitiFX Pro will offer Citi’s clients access to the same level of data and trading technology as institutional traders have.
Citi’s entry into the rapidly growing margin FX business is an important strategic decision for the bank. Other banks that have made a foray into this area include Deutsche Bank, ABN Amro and Standard Chartered.
Sanjay Madgavkar, global head of FX margin trading at Citi, says: “CitiFX Pro will provide institutional-level online trading services to a wide range of clients. We believe our global presence in the FX market, combined with Saxo’s proven abilities, will provide a winning product for clients seeking to trade in the margin FX space.”