An online foreign exchange trading platform that utilises technology from Saxo Bank, a Copenhagen-headquartered online bank, and FX liquidity from Citi, launched in the US last week.
The platform, called CitiFX Pro, is initially intended to enable access to FX trading for active individual and small institutional traders.
But this is just the beginning, says Kim Fournais, co-founder and co-CEO of Saxo Bank, in an interview with Squawkbox. Citi and Saxo will roll it out to another 28 countries in Europe and Asia this year.
Eventually, Fournais says, it could support all of the asset classes that the underlying Saxo platform supports. This includes equities, futures, options, commodities and metals.
"Investors want to trade more than one asset class. We are in discussions with Citi to develop CitiFX Pro further. First, though we want to globalise the FX offering," he says.
"We see investors empowering themselves – they want to be able to trade global markets. In a bull market they don’t look at other asset classes as much, but this is not the case anymore."
CitiFX Pro competes with other online FX trading platforms including Avalon and FX Solutions. It offers more than 130 currency pairs, with streaming prices and one-click trading and has order management tools, charting and risk management capabilities.
Citi and Saxo announced the partnership last November (Squawkbox, 26 November). The platform takes Citi into a new area for the bank – private clients and smaller institutions. CitiFX Pro will offer Citi’s clients access to the same level of data and trading technology as its institutional traders have, the bank says.