Citi is launching CitiFX Pro, an online foreign exchange (FX) trading platform, in collaboration with Saxo Bank, the Copenhagen-based online bank. Two global leaders in their own fields, Citi and Saxo are pooling their capabilities to offer FX trading to sophisticated individuals and smaller institutional traders.
CitiFX Pro will offer Citi’s clients an opportunity to take full advantage of the world’s largest financial market with 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 globe during 2008.
FX trading is increasingly attracting interest as a product for active traders. With CitiFX Pro, Citi will offer client access to robust FX trading capabilities with more than 150 currency crosses in a market with a daily turnover of more than $3 trillion, according to the latest BIS report.
“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,” says Jeff Feig, global head of G10 foreign exchange at Citi. “We are excited at the prospect of expanding our client base and developing new relationships in this emerging client segment. We have chosen to partner with Saxo Bank because of their long and strong dedication to online trading.”
Kim Fournais, co-CEO and co-founder of Saxo Bank, says, “We are delighted with this alliance. Private traders will now be able to take full advantage of Citi’s global presence, authority and reliability and Saxo Bank’s technology to trade FX virtually anytime. This will provide better products, prices and services to a growing audience of globally oriented investors and traders.”
By joining forces with Saxo Bank, Citi, in addition to best in class liquidity and service, will be able to provide its clients with a user-friendly online trading platform and a tried and tested track record. A pioneer in the online investment trading market, Saxo Bank has over the last decade accumulated valuable knowledge and expertise in supporting the online trading needs of a global client base.
“The combination of Citi’s world class product infrastructure, global brand and size with Saxo’s best of class facilitation and technology will change the way global capital market products are being distributed and serviced worldwide,” says Lars Christensen, co-CEO and co-founder of Saxo Bank. “We are very encouraged by Citi’s commitment and professionalism. This is a winning proposition for everyone involved.”
Citi’s entry into the rapidly growing margin FX business is an important strategic decision. Saxo Bank is a global leader in online FX trading and its SaxoTrader trading platform has won numerous international awards. CitiFX Pro has been developed specifically for Citi based on its specifications and needs.
“CitiFX Pro will provide institutional-level online trading services to a wide range of clients,” says Sanjay Madgavkar, global head of FX Margin Trading at Citi. “The FX market is very attractive for active traders and we believe we can provide a best-in-class platform and liquidity to this client base. 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.”