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Articles tagged by Citi

The Hat-Trick? Third Citi Trader Wins Unfair Dismissal Case Citi is on the wrong end of a third unfair dismissal trail according to sources familiar with the matter who say that Rob Hoodless has won his claim against the bank. In an email statement, Hoodless says, “The East London ...
Is it Time to Re-Write How FX Infrastructure Works? After a number of years having to take reactionary measures in response to new regulatory requirements, panellists at Profit & Loss’ Forex Network New York conference expressed enthusiasm for a new wave of innovation that has the potential to re-shape FX ...
Ex-Citi FX Chief Seeking Investors for Fund? Citi’s former global head of FX trading, Jeff Feig, is reportedly seeking to establish a macro hedge fund and is talking to investors. According to a report by Bloomberg, Feig has teamed up with Chris Fahy, with whom he ...
Banks Facing Challenging Conditions, Rising Uncertainty in Q2 The second quarter of 2016 saw mixed performances amongst some of the major banks, against a background of increasing uncertainty and challenging trading conditions in currency markets. Goldman Sachs posted a 20% year-on-year increase in net revenues in what it calls Fixed ...
Citi Launches E for Education Campaign Citi has launched its fourth annual ‘E for Education’ charity campaign, an initiative the says has raised over $12 million for education focused charities. Under the sceheme, Citi’s FX business will donate $1 for every $1 million of FX transacted electronically between 12 September to 18 November 2016. All proceeds from the 10 week campaign will go to seven charities, the bank says during the campaign there will also be a series of activities involving local schools including classroom teach-ins by staff, student CV clinics and trading floor visits.
Bilateral Margining Driving Growth at LCH Clearing house LCH says its ForexClear service has seen 10 entities turn to actively clearing FX non-deliverable forwards in the past six months and that it has experienced a “significant” rise in cleared notional and trade count in 2016, with over $220 billion in notional cleared to date in September 2016. As of 23 September, the firm says over $1 trillion in notional has been cleared in 2016. “The uncleared margin rules that are coming into force across the world have been a catalyst for driving eligible and appropriate derivatives trades towards central clearing,” says Daniel Maguire, LCH’s global head of rates and FX derivatives.
Citi Joins Tradebook FX as CCP Tradebook FX (TBFX), Bloomberg’s FX ECN, has reached an agreement with Citi for the bank to serve as a central clearing counterparty (CCP) on the platform. “We feel that the combination of Citi’s expertise in FX, and FXPB in particular, and market leading role in foreign exchange globally, coupled with the wide network of Bloomberg clients will be very synergistic,” says Tom Murphy, head of FX, futures and equity options sales at Bloomberg Tradebook. Citi will be the second CCP on TBFX
On the Move  Citi, Numerix, Currenex...
Report Targets Citi’s Role in Sterling Flash Crash A report in the Financial Times claims a Citi trader in Tokyo exacerbated the sterling flash crash on October 7. The FT report, citing bankers and officials involved in the inquiry, says the investigation into events on that day are focusing “heavily” on the actions of the Tokyo-based Citi trader who allegedly placed multiple sell orders via the bank’s aggregator and “panicked”. Sources familiar with the matter tell Profit & Loss that while Citi’s name was prominent in the market on that day it was by no means alone.
Citi Raises $4 million for Charities Through e-for Education Programme Citi’s fourth annual ‘E for Education’ charity campaign has raised $4 million for education-focused charities. The 10-week global charity campaign stretched across Citi’s offices in the United States, Europe, Middle East, Africa, Asia and Latin America. All proceeds will be evenly divided amongst seven charities. As was the case in previous years, Citi’s FX business donated $1 for every $1 million of FX transacted electronically. The campaign featured a series of activities involving local schools including classroom teach-ins by staff, student CV clinics and trading floor visits.