Citigroup Inc. has agreed to sell its LavaFX foreign-exchange trading platform to FXall, FXall announced Monday.
Financial terms of the deal were not disclosed.
FXall is an electronic platform that offers institutional investors access to currency quotes, products and services from 70 banks, according to the firm's Web site.
Multibank trading platforms such as FXall and LavaFX are gaining an increased foothold in the highly liquid $3.2 trillion-a-day currency markets, though ICAP PLC's EBS trading platform still accounts for a majority of spot currency trade in the major currency pairs, such as euro-dollar and dollar-yen trade.
