Citi Cuts Number of FX Platforms
Citi has conducted a review of the FX platform vendors it deals with, resulting in it disconnecting from 12 of the 53 vendors, simplifying connectivity and reducing maintenance costs.
The review process involved Citi producing a scorecard that assesses each FX vendor platform against a number of criteria including adherence to the FXGC, with the intention of providing market participants with greater transparency and clients with an objective framework for vendor platform comparisons.
“Citi’s scorecard considers a number of key principles within the FX Global Code. We found notable findings in relation to a number of key principles, including but not limited to, interaction with our liquidity, order management; market impact; liquidity aggregation, order routing logic; platform stability; testing of new products and coordinated releases,” said Alaa Saeed, global head of Citi’s FX electronic platforms and distribution.