Citi culls HFTs from FXPB client list

HC Technologies, Jump Trading and Virtu Financial among those told to find new prime broker

Citibank Building - New York - Getty.jpg
Citi: some market-makers have been given 90 days to find a new PB

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 several high-frequency trading (HFT) firms – including HC Technologies, Jump Trading and Virtu Financial – on June 17 to inform them of the

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