CitiFX, Instinet Launch FX Crossing Service
TRANSACTION SYSTEMS
NEW YORK--CitiFX, Citibank’s foreign exchange division, and Instinet are building a foreign exchange crossing service using Instinet’s matching engine and CitiFX’s Benchmark exchange rates. CitiFX will also process the trades through its back office.
The alliance, called Instinet FX Cross, is aimed at customers who want to execute large FX transactions without the market moving against them and want a transparent market price and anonymity. It is expected to be operational in the fourth quarter
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