November - Citi sparks outsourcing debate

One of the biggest developments of the year came in November, when Citigroup launched its liquidity outsourcing platform, CitiFX White Label.

Developed in conjunction with US technology firm Integral, the project links regional banks around the world to Citi’s market-making desks. The move brings the might of Citigroup’s 24-hour blanket FX coverage to mid-tier and niche providers around the world, furthering moves by some traditionally sell-side banks to become buy-side clients of forex.