Citi culls HFTs from FXPB client list
HC Technologies, Jump Trading and Virtu Financial among those told to find new prime broker
Citi has given some of the largest electronic market-makers in currencies just 90 days to find a new prime broker. The cull is part of a wider effort to reduce risk in the bank’s foreign exchange prime brokerage (FXPB) business, which suffered a reported $180 million loss last year.
Chris Perkins, global head of FXPB at Citi, called senior figures at several high-frequency trading (HFT) firms – including HC Technologies, Jump Trading and Virtu Financial – on June 17 to inform them of the
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