Citi culls HFTs from FXPB client list

HC Technologies, Jump Trading and Virtu Financial among those told to find a new prime broker

Citigroup Centre, NY
Citigroup Centre, New York
Photo: Tdorante10

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 high frequency trading (HFT) firms – including HC Technologies, Jump Trading and Virtu Financial – on June 17 to inform them of the decision

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here