Broker ceased to exist
In April 2015, CitiGroup Inc, a global banking and financial services corporation, terminated operation of its retail brokerage firm. CitiFX Pro provided online brokerage services to enable clients to trade currencies. CitiGroup sold this stake amid the program of non-core assets divestment. American and British clients of the broker are now supervised by FXCM and Saxo Bank. Termination of CitiFX Pro started three months later after the Swiss National Bank had announced a free floating exchange rate of the Swiss franc. The decision triggered a liquidity collapse, which forced some premier brokers to introduce tougher liquidity conditions. On the back of these developments, CitiGroup incurred losses totaling $150 million. So the management came up with a solution and sold its marginal business, including the CitiFX Pro division. The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
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