Wealth management

Citi Plans Web Forex Platform

Published November 21, 2007, 2:00 a.m. EST

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Updated November 20, 2007, 7:13 p.m. EST

1 Min Read

Citigroup Inc. said Tuesday that it plans to start an online foreign-exchange trading platform supplied by Saxo Bank of Copenhagen.

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The New York company will launch CitiFX Pro in the United States in the next few weeks and roll it out in certain other countries in 2008, said Sanjay Madgavkar, its global head of FX margin trading. Citi plans to use the online bank's platform to offer foreign-exchange trading to individual investors and small institutional traders.

"There is considerable demand for this platform, and as electronic trading has made the cost more feasible, demand has increased," Mr. Madgavkar said Tuesday in an interview.

CitiFX Pro will provide Citi's customers with online access to foreign-exchange trading for more than 150 currencies.

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