Citi to focus on just five FX spot platforms
More venues face axe as US bank says it wants to route 90% of e-volume through small group of vendors
Citi is cutting ties with another 15 spot foreign exchange trading platforms over the next year, and ultimately plans for 90% of its external electronic volumes to come from just five vendors.
“What that means is that outside of five vendors, all vendors will be marginal to us, and from our perspective, could be offboarded,” says Al Saeed, global head of FX electronics platform and distribution at Citi.
Saeed declines to name the five vendors that are in-line to take the lion’s share of the
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