Citi, Saxo Team Up with Online FX for Private Clients

Stephen Harris

21 November 2007

Plans for another online trading platform aimed at the private investor and small institutional trader have been announced. Citi is to team up with Copenhagen-based online bank Saxo Bank to launch CitiFX Pro, an online foreign exchange trading platform. CitiFX Pro will offer Citi’s clients access to the same level of data and trading technology as institutional traders in 150 currency crosses, according to a statement. Subject to approvals, CitiFX Pro will launch shortly into the US market and will be rolled out in selected countries globally during 2008. Kim Fournais, co-chief executive officer and co-founder of Saxo Bank, said: “We are delighted with this alliance. Private traders will now be able to take full advantage of Citi's global presence, authority and reliability and Saxo Bank's technology to trade FX virtually anytime. This will provide better products, prices and services to a growing audience of globally oriented investors and traders.” Saxo Bank acquired Geneva-based online investment bank Synthesis Bank in September. Also in September, ABN Amro launched its online trading platform, “marketindex," for private investors in the UK. The system, which was first launched in Germany, Austria and Switzerland, offers trading in currencies, equity indexes, commodities and notes and was designed to offer an alternative to CFD products. Citi and ABN Amro will be looking to compete with Deutsche Bank, which currently offers online foreign exchange trading for sophisticated individuals and small institutions through its dbFX platform.