CitiFX Pro was

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

's online

foreign exchange market The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, ...

trading platform for retail and small institutional traders including commodity trading advisors, broker-dealers,

money managers Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: me ...

, and

hedge funds A hedge fund is a pooled investment fund that holds liquid assets and that makes use of complex trading and risk management techniques to aim to improve investment performance and insulate returns from market risk. Among these portfolio techniq ...

. CitiFX Pro provided the service from 2009 until it discontinued offering services to clients in June 2015 and sold all U.S. accounts to FXCM, and international accounts to Saxo Bank.

Overview

CitiFX was fully operational by 2009 for US, European and Asian markets, with headquarters in New York and offices in London,

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

and

Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...

. Some trading services were provided to Citibank as a

white-label product A white-label product is a product or service produced by one company (the producer) that other companies (the marketers) rebrand to make it appear as if they had made it. The name derives from the image of a white label on the packaging that ...

by Saxo Bank. CitiFX Pro offered trading in 130 currency pairs with settlement in the customer's base currency. The company also offered streaming prices with one-click trading and order management tools.

History

The parent company City Bank of New York was established in 1812 and by 1895 the institution was one of the largest banks in the world. In 1897, Citi became the first U.S. bank to establish a foreign department and began foreign exchange trading that year. CitiFX Pro the retail foreign exchange trading service was launched in the United States in March 2008 and in Hong Kong and Singapore in September 2008. In February 2009, the company added

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

insurance on US dollar deposits placed as margin for trading. Later in 2009, CitiFX Pro became available on MetaTrader. That same year, the company introduced CitiFX Pro Mobile, a mobile version of the CitiFX Pro trading platform. The platform supported Application Program Interface via FIX protocol (API-FIX) to allow for automated execution of trades for FX traders using automated price feeds into their trading application. This allowed clients to send orders for execution into CitiFX Pro's pricing engine. CitiFX Pro clients also receive access to Citi research. In 2015, three months after the Swiss National Bank abruptly abolished the floor from the Swiss franc exchange rate, prompting liquidity providers to tighten their conditions Citibank decided to exit the retail forex business and close down the CitiFX Pro unit. On June 26, 2015, it discontinued the service after having sold all US accounts to FXCM, and international accounts to Saxo Bank.

References

{{Reflist Foreign exchange companies Financial services companies established in 2008 Financial services companies disestablished in 2015 Electronic trading systems Financial derivative trading companies

Overview

History

See also

References