Back in April, Finance Magnates reported that Citigroup was about to sell its $30 billion a month margin FX trading business, CitiFX Pro. Finance Magnates can now confirm that buyers of the client book are two international retail brokers, FXCM and Saxo Bank. FXCM's UK and US entities will take over clients of Citi's respective regions, while its Singaporean business will be transferred to Saxo Bank.
FXCM will assume the vast majority of margin foreign Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term (FX) accounts of CitiFX Pro from Citibank N.A. and Citibank International Limited (Citibank) via its US subsidiary Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term Capital Markets LLC (FXCM US) and UK subsidiary Forex Capital Markets Limited (FXCM UK).
Starting at the end of next month, CitiFX Pro accounts outside Singapore will be transferred to their corresponding entity in FXCM. According to the firm, CitiFX Pro accounts traded over $30 billion on average a month during 2014.
CitiFX Pro clients will be transitioned to FXCM’s comparable trading solutions and parameters either on the broker’s own Trading Station, the MT4 Platform, or APIs according to their current settings and needs.
According to Drew Niv, CEO of FXCM, in a recent statement on the acquisition, “We are dedicated to provide CitiFX Pro customers with the customer service, technology, and security they have come to expect. We feel honored to be chosen by Citibank as the new home for these customers.”
The financial terms of the transaction were not disclosed at this time.
Saxo Bank in Focus
Saxo Bank will get the client book of Citigroup’s margin FX business in Singapore. To simplify the process for clients interested in moving, the Danish broker has created a dedicated landing page.
The firm highlighted the ongoing partnership with Citi. “Saxo Bank has been proud to facilitate trading on CitiFX Pro since 2007,” said Claus Nielsen, Head of Markets at Saxo Bank A/S.
“It was a breakthrough initiative for Saxo when we first partnered up with Citi. We are pleased that the partnership has been a great success for both parties and respect that Citi has taken a strategic decision to sell its Margin FX business.”
“We are looking forward to offering the CitiFX Pro clients moving to Saxo not only continuity of service in the full range of currency pairs on the same award-winning platform they are accustomed to, but also to enhancing their client experience by providing investment diversification possibilities via our multi-asset, cross-collateralized, single account offering. The CitiFX Pro clients moving to Saxo will also get access to our new SaxoTraderGO platform, which offers more interactive charting capabilities as well as seamless transition of trading activity between all mobile and desktop devices,” he added.
Citi Issues a Response
In an exclusive statement to Finance Magnates, Citi has confirmed its “strategic decision” to sell its Margin FX business, including the CitiFX Pro and TradeStream offerings, to FXCM and Saxo Bank.
“We believe this transaction is in the best interest of Citi’s Margin FX clients, who will experience a seamless transition to seasoned online retail specialists that can skillfully service their needs,” they added. The sale is expected to be completed in the second quarter.
“Citi has made a strategic decision to sell its Margin FX business, including the CitiFX Pro and TradeStream offerings, to FXCM and Saxo Bank. We believe this transaction is in the best interest of Citi’s Margin FX clients, who will experience a seamless transition to seasoned online retail specialists that can skillfully service their needs. The sale is expected to be completed in the second quarter,” noted Citi in an exclusive statement to Finance Magnates.
Back in April, Finance Magnates reported that Citigroup was about to sell its $30 billion a month margin FX trading business, CitiFX Pro. Finance Magnates can now confirm that buyers of the client book are two international retail brokers, FXCM and Saxo Bank. FXCM's UK and US entities will take over clients of Citi's respective regions, while its Singaporean business will be transferred to Saxo Bank.
FXCM will assume the vast majority of margin foreign Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term (FX) accounts of CitiFX Pro from Citibank N.A. and Citibank International Limited (Citibank) via its US subsidiary Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term Capital Markets LLC (FXCM US) and UK subsidiary Forex Capital Markets Limited (FXCM UK).
Starting at the end of next month, CitiFX Pro accounts outside Singapore will be transferred to their corresponding entity in FXCM. According to the firm, CitiFX Pro accounts traded over $30 billion on average a month during 2014.
CitiFX Pro clients will be transitioned to FXCM’s comparable trading solutions and parameters either on the broker’s own Trading Station, the MT4 Platform, or APIs according to their current settings and needs.
According to Drew Niv, CEO of FXCM, in a recent statement on the acquisition, “We are dedicated to provide CitiFX Pro customers with the customer service, technology, and security they have come to expect. We feel honored to be chosen by Citibank as the new home for these customers.”
The financial terms of the transaction were not disclosed at this time.
Saxo Bank in Focus
Saxo Bank will get the client book of Citigroup’s margin FX business in Singapore. To simplify the process for clients interested in moving, the Danish broker has created a dedicated landing page.
The firm highlighted the ongoing partnership with Citi. “Saxo Bank has been proud to facilitate trading on CitiFX Pro since 2007,” said Claus Nielsen, Head of Markets at Saxo Bank A/S.
“It was a breakthrough initiative for Saxo when we first partnered up with Citi. We are pleased that the partnership has been a great success for both parties and respect that Citi has taken a strategic decision to sell its Margin FX business.”
“We are looking forward to offering the CitiFX Pro clients moving to Saxo not only continuity of service in the full range of currency pairs on the same award-winning platform they are accustomed to, but also to enhancing their client experience by providing investment diversification possibilities via our multi-asset, cross-collateralized, single account offering. The CitiFX Pro clients moving to Saxo will also get access to our new SaxoTraderGO platform, which offers more interactive charting capabilities as well as seamless transition of trading activity between all mobile and desktop devices,” he added.
Citi Issues a Response
In an exclusive statement to Finance Magnates, Citi has confirmed its “strategic decision” to sell its Margin FX business, including the CitiFX Pro and TradeStream offerings, to FXCM and Saxo Bank.
“We believe this transaction is in the best interest of Citi’s Margin FX clients, who will experience a seamless transition to seasoned online retail specialists that can skillfully service their needs,” they added. The sale is expected to be completed in the second quarter.
“Citi has made a strategic decision to sell its Margin FX business, including the CitiFX Pro and TradeStream offerings, to FXCM and Saxo Bank. We believe this transaction is in the best interest of Citi’s Margin FX clients, who will experience a seamless transition to seasoned online retail specialists that can skillfully service their needs. The sale is expected to be completed in the second quarter,” noted Citi in an exclusive statement to Finance Magnates.