FXCM Inc (NYSE:FXCM) a leader in online trading, today announced that its U.S. subsidiary Forex Capital Markets LLC (“FXCM U.S.”) and its UK subsidiary Forex Capital Markets Limited (“FXCM U.K.”), have agreed to assume the vast majority of margin forex accounts of CitiFX Pro from Citibank N.A. and Citibank International Limited (“Citibank”).
Update: Bloomberg confirmed on Saturday May 23rd in an e-mail that Danish based Saxo Bank will acquire Citigroup’s margin FX business in the region. No other terms were revealed.
On Friday, June 26, 2015, accepted CitiFX Pro accounts will be transferred to the corresponding FXCM entity after the close of trading. CitiFX Pro accounts traded over $30 billion on average a month during 2014.
The broker promises that CitiFX Pro clients will be transitioned to FXCM’s comparable trading solutions and parameters either on Trading Station, the MT4 Platform, or APIs according to their current settings and needs.
“We are dedicated to provide CitiFX Pro customers with the customer service, technology, and security they have come to expect. We feel honored to be chosen by Citibank as the new home for these customers” commented FXCM’s chief executive Drew Niv.
Financial terms of the transaction were not disclosed.