CitiFX Pro

CitiFX Pro was Citigroup's online foreign-exchange trading service for retail customers and smaller institutional participants. It served a specialist segment that included commodity trading advisors, broker-dealers, money managers and hedge funds, complementing Citigroup's much larger institutional foreign-exchange business. The service gave clients access to electronic currency trading, market information and execution tools through a branded online platform. The retail service was launched in the United States in March 2008 and expanded to Hong Kong and Singapore in September of the same year. By 2009, the platform was operating across the United States, Europe and Asia, with headquarters in New York and offices in London, Singapore and Hong Kong. Its development drew on Citigroup's long history in foreign exchange: the bank's predecessor, City Bank of New York, opened a foreign department in 1897 and began foreign-exchange trading that year. CitiFX Pro offered trading in approximately 130 currency pairs. Customers could receive streaming prices, place trades through one-click execution and manage orders using the platform's electronic tools. Settlement could be handled in the customer's base currency. The service also provided access to Citi research, giving traders market analysis alongside execution functionality. The platform developed several technology and distribution features during its short operating life. In 2009 it became available through MetaTrader, a widely used third-party trading environment. Citi also introduced CitiFX Pro Mobile, allowing customers to access the service through a mobile version of the platform. For more technically sophisticated users, the platform supported automated trading through an API based on the FIX protocol. This enabled trading applications to receive automated price feeds and send orders to CitiFX Pro's pricing engine. In February 2009, Citi added Federal Deposit Insurance Corporation insurance for U.S.-dollar deposits held as trading margin, subject to the applicable terms and limits. Some related trading services were also supplied to Citibank on a white-label basis by Saxo Bank, illustrating the combination of Citi's distribution and banking relationship with external trading technology and liquidity infrastructure. CitiFX Pro was discontinued as part of Citibank's decision to leave the retail foreign-exchange business. The decision followed the market disruption caused by the Swiss National Bank's January 2015 removal of the Swiss-franc exchange-rate floor, after which liquidity providers tightened trading conditions. CitiFX Pro stopped offering services to clients on June 26, 2015. Citi sold its U.S. client accounts to FXCM and its international accounts to Saxo Bank. The brand is therefore a historical, defunct Citigroup trading platform rather than an active financial-services offering.

CitiFX Pro emerged from Citigroup's long-standing foreign-exchange business and was designed to make electronic currency trading available to retail and smaller institutional customers. Citigroup's banking predecessor, City Bank of New York, established a foreign department in 1897 and began foreign-exchange trading at that time. That institutional heritage provided the background for the later CitiFX brand, although CitiFX Pro itself was a distinct online service created for a broader and more technologically self-directed client base. The retail platform launched in the United States in March 2008. It expanded to Hong Kong and Singapore in September 2008, and by 2009 was operational across U.S., European and Asian markets. The operation was headquartered in New York and maintained offices in London, Singapore and Hong Kong. CitiFX Pro targeted individual traders as well as commodity trading advisors, broker-dealers, money managers and hedge funds that were smaller than the major institutional customers traditionally served by global banks. The platform's main proposition was electronic access to a broad range of currency pairs. It supported trading in about 130 pairs, displayed streaming prices and offered one-click execution and order-management features. Customers could settle trades in their base currency and could access Citi research through the service. Certain related Citibank services were delivered on a white-label basis using technology supplied by Saxo Bank, showing that the platform's customer-facing identity did not necessarily correspond to every element of its underlying infrastructure. CitiFX Pro added several important features in 2009. U.S.-dollar deposits placed as margin became eligible for FDIC insurance under the stated arrangement and applicable conditions. The service was made available through MetaTrader, which allowed users to connect the Citi offering to a familiar third-party trading environment. Citi also introduced CitiFX Pro Mobile for mobile access. In addition, the platform supported API connectivity through the FIX protocol. This allowed automated trading applications to receive price feeds and submit orders to CitiFX Pro's pricing engine, making the service relevant to algorithmic users as well as manual traders. The platform operated during a period in which online foreign-exchange providers faced intense competition, changing liquidity conditions and increasing operational demands. In January 2015, the Swiss National Bank unexpectedly removed its floor beneath the Swiss franc's exchange rate against the euro. The resulting market shock led liquidity providers to impose tighter conditions. Three months later, Citibank decided to exit the retail foreign-exchange business and close CitiFX Pro. CitiFX Pro ceased offering services to clients on June 26, 2015. Citigroup transferred its U.S. accounts to FXCM and its international accounts to Saxo Bank. The closure ended a seven-year retail-platform initiative that had combined Citigroup's foreign-exchange brand, research and banking relationships with online execution, mobile access and automated-trading technology. CitiFX Pro is consequently best understood as a discontinued historical sub-brand of Citigroup, not as a current trading platform.

1. 2015Service discontinued

   CitiFX Pro stopped serving clients on June 26 after Citibank exited the retail foreign-exchange business.

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2. 2009FDIC insurance added for qualifying U.S.-dollar margin deposits

   Citi added FDIC insurance for U.S.-dollar deposits placed as trading margin, subject to applicable terms and limits.

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3. 2009Technology expansion

   CitiFX Pro became available on MetaTrader and introduced its mobile platform and FIX API support.

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4. 2008U.S. retail launch

   CitiFX Pro launched in the United States in March as an online foreign-exchange service for retail and smaller institutional clients.

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5. 2008Expansion to Hong Kong and Singapore

   The service became available in Hong Kong and Singapore in September.

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6. 1897Citigroup's predecessor begins foreign-exchange activity

   City Bank of New York established a foreign department and began foreign-exchange trading, providing historical context for Citigroup's later FX businesses.

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An electronic foreign-exchange trading service positioned between retail brokerage and institutional execution, offering multi-currency access, streaming prices, one-click execution, trading tools, research and automated-trading connectivity.

• CitiFX Pro online trading platformForeign-exchange trading platform2008

  The core CitiFX Pro service provided online trading in approximately 130 currency pairs. It offered streaming prices, one-click execution, order-management tools and settlement in the customer's base currency. The platform served retail traders and smaller institutional users, including commodity trading advisors, broker-dealers, money managers and hedge funds. Users could also receive access to Citi research through the service.

• CitiFX Pro MobileMobile trading application2009

  CitiFX Pro Mobile was the mobile version of the CitiFX Pro trading platform. It extended access to the service beyond desktop environments and allowed clients to monitor and manage foreign-exchange activity through a mobile interface.

• CitiFX Pro MetaTrader accessThird-party trading integration2009

  MetaTrader availability gave CitiFX Pro customers access through a widely used third-party foreign-exchange trading environment. The integration broadened the platform's usability for traders who preferred MetaTrader's interface and workflow.

• CitiFX Pro FIX APITrading API2009

  The FIX-protocol API enabled automated trading applications to receive CitiFX Pro price feeds and submit orders to the platform's pricing engine. It was aimed at users requiring programmatic execution and integration with their own trading systems.

• 2015Exit from retail foreign exchangeStrategy

  Following the Swiss National Bank's removal of its Swiss-franc exchange-rate floor and the resulting deterioration in liquidity conditions, Citibank decided to leave the retail foreign-exchange business.

  What changed. Citibank closed CitiFX Pro and discontinued client services on June 26, 2015. U.S. accounts were sold to FXCM, while international accounts were sold to Saxo Bank.

  Aftermath. The CitiFX Pro brand ceased operating. Client relationships were transferred to the acquiring platforms, ending Citigroup's branded retail online FX offering.

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• 2015Citigroup closes CitiFX Pro and transfers client accounts

  Citigroup discontinued CitiFX Pro on June 26, 2015, selling U.S. accounts to FXCM and international accounts to Saxo Bank as it exited retail foreign exchange.

  M&AOther
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• 2009CitiFX Pro adds FDIC insurance for U.S.-dollar margin deposits

  Citi added FDIC insurance for qualifying U.S.-dollar deposits placed as trading margin.

  RegulationOther
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• 2009CitiFX Pro adds MetaTrader, mobile and FIX API capabilities

  The platform broadened its technology offering through MetaTrader availability, CitiFX Pro Mobile and FIX-protocol API support for automated trading.

  Product generationProduct launch
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• 2008CitiFX Pro launches retail foreign-exchange service in the United States

  Citigroup launched the CitiFX Pro retail foreign-exchange service in the United States in March 2008.

  Product launch
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• 2008CitiFX Pro expands to Hong Kong and Singapore

  The platform expanded its availability to Hong Kong and Singapore in September 2008.

  Product launch
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1. CitiFX Pro