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 corporation headquartered in New York City. The company was formed by the merger of banking ...

'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. It includes all as ...

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

broker-dealers In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and ...

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 as ...

, and

hedge funds A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as ...

. CitiFX Pro discontinued offering services to clients in June 2015 and sold all U.S. accounts to

FXCM FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker for trading on the foreign exchange market. FXCM allows people to speculate on the foreign exchange market and provides trading in contract for difference (CFDs) o ...

, and international accounts to

Saxo Bank Saxo Bank is a Danish investment bank specializing in online trading and investment. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab (English: ''Midas Stockbroker Company''), by Lars Seier Christensen, Kim F ...

. It was fully operational by 2009 for US, European and Asian markets, with headquarters in New York and offices in London, Singapore and Hong Kong. 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 Retail foreign exchange trading is a small segment of the larger 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 currenc ...

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 one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cre ...

insurance on US dollar deposits placed as margin for trading. Later in 2009, CitiFX Pro became available on

MetaTrader MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brok ...

. 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

, and international accounts to

References

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