Citi Exits N.Z. Bond Market, Opts To Focus On Foreign Exchange?

BANKS

Citibank N.A. recently announced that it had discontinued its market making capabilities in the New Zealand government bond market in order to focus on foreign exchange, but officials at the bank say that the bank’s FX expansion plans are minor.

In fact, sources there say that the decision to get out of the New Zealand bond market was sparked by poor performance rather than by any grand new vision to enhance its foreign exchange presence there. "We were adding liquidity to a market where we w