CitiFX Pro

Last updated
CitiFX Pro
Company typeTrading name and service of Citibank N.A.
Industry Financial services
Founded2008 (2008)
DefunctJuly 27, 2015 (2015-07-27)
Headquarters
New York City, NY
,
United States
Services Currency trading
Parent Citibank
Website www.citifxpro.com [ dead link ]

CitiFX Pro was Citigroup's online foreign exchange market trading platform for retail and small institutional traders including commodity trading advisors, broker-dealers, money managers, and hedge funds. 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.

Contents

Overview

CitiFX 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 by Saxo Bank.

CitiFX Pro offered trading in 130 currency pairs with settlement in the customer's base currency. [1] 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. [2] In 1897, Citi became the first U.S. bank to establish a foreign department and began foreign exchange trading that year. [3]

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. [4] In February 2009, the company added Federal Deposit Insurance Corporation insurance on US dollar deposits placed as margin for trading. [5]

Later in 2009, CitiFX Pro became available on MetaTrader. [6] [7] That same year, the company introduced CitiFX Pro Mobile, a mobile version of the CitiFX Pro trading platform. [8] 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. [9] 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. [10] [11] On June 26, 2015, it discontinued the service after having sold all US accounts to FXCM, and international accounts to Saxo Bank. [12]

See also

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References

  1. ↑ "CitiFXPro Broker Review - Good?". Archived from the original on 2011-05-08. Retrieved 2011-07-04.
  2. ↑ "CitiFX Pro Review ~ Broker Trading Reviews of Citifxpro.com | Forex Blog". www.forexblog.org. Retrieved 2023-09-05.
  3. ↑ "Citi's - History". Archived from the original on 2011-07-07. Retrieved 2011-07-01.
  4. ↑ Lee Oliver, “Retail: Citi Launches CitiFX Pro for Private Clients,” Euromoney December 2007
  5. ↑ Christine Birkner, “FDIC Protection,” Futuresmag.com March 19, 2009
  6. ↑ "CitiFX Pro launches on MetaTrader | News | e-FX News | e-Forex Magazine". Archived from the original on 2011-10-04. Retrieved 2011-07-01.
  7. ↑ "What's the Forex robot's trading strategy?" . Retrieved 2024-05-17.
  8. ↑ "CitiFX Pro Goes Mobile | Takes on Tech".
  9. ↑ "CitiFX Pro | Institutional Forex Trading Accounts & Solutions". Archived from the original on 2011-07-03. Retrieved 2011-07-18.
  10. ↑ "Citi to Offload Retail Business CitiFX Pro". Forex Magnates. April 13, 2015.
  11. ↑ "Citi seeking to sell retail FX arm". Apr 14, 2015.
  12. ↑ "CitiFX Pro Service is now closed". Citigroup. June 26, 2015.
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