As July 15th is itching closer all foreign banks will have to stop accepting US clients. Largest of them all (in terms of US clients) was dbFX which decided to stop serving US retail forex clients and transferred some of them to Gain Capital. Then it was the Swiss brokers’ turn as Dukascopy and MIG too announced their withdrawal from the US market. Now it’s Saxo Bank’s turn as it too will have to stop accepting US clients. Good news for these clients is that the transfer to CitiFX Pro should be rather simple as they are using same platform.
New York, June 28, 2011 – Citi has reached an agreement with Saxo Bank, the Danish online trading company, to transfer qualified U.S. customers to CitiFX Pro, Citi’s online foreign exchange trading platform for individuals and small institutions. Saxo clients that meet Citi’s eligibility and other standards will have the opportunity to opt into a seamless process which would enable a smooth transfer of their accounts to Citi.
“We are pleased to reach this agreement with Saxo Bank,” said Kevin Wilson, Citi’s North American Head of Foreign Exchange Margin Trading. “In just a few years, CitiFX Pro has become the venue of choice for experienced individual FX traders and small to mid-sized institutions. CitiFX Pro will provide a familiar environment for Saxo clients, with similar front-end technology and the added benefit of trading on the MetaTrader 4 platform and spreads from 1.2 pips.”
“After developing Saxo Bank as one of the larger foreign brokers offering FX in the U.S., we believe Citi is well positioned to service our U.S. clients going forward,” said Albert Maasland, Chairman of the Board of Saxo Bank London. “We believe Citi has the right technological capability and pricing to provide these clients the high level of service they have come to expect.”
Through CitiFX Pro, Citi is currently the only major U.S. bank offering margin foreign exchange trading for small to mid-sized institutions and sophisticated individual investors. CitiFX Pro provides clients the highly regarded technical and fundamental research available to institutional clients and offers extremely competitive pricing on over 130 currency pairs, with spreads as low as 1.2 pips for EUR/USD trades. Profit & Loss, a leading UK magazine covering the global currency and derivatives markets, recently named CitiFX Pro as “Best Retail Platform” for margin foreign exchange trading for the second consecutive year.
About CitiFX Pro
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CitiFX Pro is Citi’s online foreign exchange trading platform for active individual and small institutional clients including commodity trading advisors, broker-dealers, money managers, and hedge funds. Additional information may be found at http://www.citifxpro.com.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.
About Saxo Bank
Saxo Bank is a leading online trading and investment specialist. The three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application are available in over 20 languages. Saxo Asset Management accommodates high-net worth private clients and institutional investors. In 2011 Saxo Bank continued the diversification of its business and launched Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia and Middle East.