Citi culls HFTs from FXPB client list
HC Technologies, Jump Trading and Virtu Financial among those told to find a new prime broker
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
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