Online Forex (FX) Trading | Forex Brokers | Foreign Exchange Market

On Tuesday, Citibank launched a trading platform in Hong Kong aiming to tap foreign exchange margin traders in Asia. In next few months, it hopes to extend its Forex margin platform to Japan and Singapore.

According to Citibank, Forex margin trading is booming worldwide by over 25 percent a year with per day income anticipated to be around $100 billion US dollar along with 40 percent of trade accounted by Asia-Pacific zone.

Launched in the month of March in the United States, the platform is aimed at hedge funds, individual traders and money managers.

Citi’s Asia manager of Forex margin trading, Alex Knight, said that with a focus on the high end of the market, Citibank aims at capturing active and lively currency traders as well as those looking to move into currencies.

With no commission charged from Citibank, the platform launched offers spot trading for over 140 currency pairs from 23 primary currencies.

The platform will allow Hong Kong users to open their Hong Kong dollar denominated accounts. According to bank of international settlements, Hong Kong being the sixth largest centre for global Forex market generates a trade of $3.2 trillion of US dollar per day.

Citibank is now planning to launch or expand its product in Europe in first half of 2009, as well as in Japan and Singapore by the end of 2008. Furthermore, it is also having talks of moving the project to markets like china and India.

This entry was posted on Friday, September 19th, 2008 at 9:19 am and is filed under Forex News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.