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.