Citi and Saxo Bank to Launch Solution for Private Client Access to FX Trading
Citi plans to launch CitiFX Pro, an online foreign exchange (FX) trading platform, in collaboration with Saxo Bank. Citi and Saxo plan to pool their capabilities and offer FX trading to individuals and smaller institutional traders. CitiFX Pro is an attempt to offer Citi’s clients access to the same level of data and trading technology as institutional traders. Subject to regulatory and other approvals, CitiFX Pro is expected to begin operating shortly in the US market and will be rolled out in selected countries around the world next year. The bank says that the new solution will offer client access to FX trading capabilities with more than 150 currency crosses in a market with a daily turnover of more than US$3 trillion, according to the latest BIS report.