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Citi will cut the number of its forex platforms by three times

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Robot Trading in Forex Markets explained in Tamil

Description video:
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Citi will reduce the number of its forex platforms by three times

According to the Financial Times, citing knowledgeable sources, Citigroup Inc. plans to reduce the number of currency platforms it supports by two-thirds. According to the newspaper, the global investment bank wants to reduce the number of platforms it uses to communicate with clients to 15 from 45 by the first quarter of 2020. According to FT, Citigroup has sent out a notice to all suppliers.

The move could save Citi $ 5 million to $ 10 million a year by disabling links to third-party platforms that publish offers from rival banks, the newspaper said. Citigroup spokeswoman Shirley Lam declined to comment on Bloomberg issues.

Citigroup and JPMorgan Chase & Co. are the two largest foreign exchange traders by market share thanks to their technology and client networks, according to a 2018 study by Greenwich Associates. As currency volatility has fallen over the past decade, banks have invested heavily in e-commerce to cut costs.

Citi will reduce the number of its forex platforms by three times

«For every connection you make, you need a connection to make sure there is no latency in pricing, ” said Wong Ju Seng, executive director of Singapore-based currency platform provider Spark Systems Pte. – Banks, I think, will have to rationalize the number of platforms to which they are connected. After all, forex is not really a leaps and bounds pie».

Currency trading platforms are provided by companies such as Saxo Bank and CMC Markets Plc. Bloomberg LP, founded by Bloomberg News, operates FXGO. «You may see other providers, especially when the big players no longer make much money on forex», – said Nick Tweedale, director and co-founder of X-Chainge from Sydney, which focuses on technology related to foreign exchange trading. ,