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Citi has cut staffing and computerized many
elements of its currency business in recent years and market
sources say it has aggressively rationalized its institutional
client base in the prime broking space since the start of this
year.
But the sale would come at a time when other banks are beginning
to think about reinvesting in currency trading, drawn by an
improvement in volumes and trading returns over the past year.
CitiFX Pro is the bank's easily accessible online forex trading
service, offering professional individual traders and smaller
institutional players access to 130-plus currency pairs on
several platforms backed up by Citi infrastructure.
It is part of a sub-sector of the forex market whose reputation
has taken a hammering since the collapse of a handful of
businesses, and hefty losses for others, after the Swiss franc's
surge in January.
New York-based Citi has pared back internationally in recent
years, pulling out of retail banking in long-established markets
such as Japan. Industry surveys continue to rank it as the
single biggest banking player in the $5 trillion a day forex
market.
(Reporting by Patrick Graham; Editing by Keith Weir)
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