CitiFX Pro was Citigroup's online foreign exchange market

trading platform In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products c ...

for retail and small institutional traders including

commodity trading advisor A commodity trading advisor (CTA) is US financial regulatory term for an individual or organization who is retained by a fund or individual client to provide advice and services related to trading in futures contracts, commodity options and/or ...

s, broker-dealers, money managers, 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 sho ...

. 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) ...

, 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 c ...

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 Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Ba ...

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 where individuals speculate on the exchange rate between different currencies. This segment has developed with the advent of dedicated electronic trading p ...

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 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 The Financial Information eXchange (FIX) protocol is an electronic communications protocol initiated in 1992 for international real-time exchange of information related to securities transactions and markets. With trillions of dollars traded ann ...

(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