CitiFX Vendor Review Continues to Set the Gold Standard for Foreign Exchange Venues
2024年7月29日 - 10:00PM
ビジネスワイヤ(英語)
Citi today announced the launch of its annual CitiFX Vendor
Review, which provides the broadest view of FX vendors and a
comprehensive analysis of the FX landscape for the benefit of
clients and FX providers.
The review highlights where strategic venue and vendor partners
can improve based on client need and work towards a gold standard
of best practice, operational governance, and clear benchmarks.
Based on a robust framework and data-driven analysis, the review
empowers clients to navigate an increasingly complex FX landscape.
The analysis provides unique insight, helping clients identify FX
venues which meet connectivity requirements, which ultimately
improves the end client experience. This year’s review includes
qualitative analysis, derived from a client survey, providing
insight on the regulatory landscape, and the future of AI in FX
trading.
Now in its fourth year, the annual review promotes vendor best
practice & operational governance, underpinned by the adherence
to the FX Global Code of Conduct. Vendors are scored across nine
criteria including functionality, connectivity, governance,
stability, and customer service.
The results allow Citi FX team to partner closely with select
vendors and assist in delivering clients’ priorities. Ayesa Latif,
Global Head of FX Products at Citi said, “Ultimately, what we’re
trying to achieve is improved connectivity, product offering,
stability and how the market is operating. This will help benefit
our clients, liquidity providers and all other market
participants.”
FX venue proliferation and decline in ‘switcher’
sentiment
This year’s survey of 120 of our most active clients, across
banks, corporates, asset managers and hedge fund managers -
revealed the majority of clients are no longer searching for the
perfect match in an FX provider, 87% were satisfied with their
primary vendors, with 88% having enhancement requests, of which 52%
were looking for core area improvements.
While proliferation of FX venues in the market has continued
since the COVID pandemic, comparative results from our 2022 CitiFX
Vendor Review show a drastic drop in clients seeking new vendors
from 51% in 2022 to 19% in 2024. This could be a result of FX
execution venues quickly becoming deeply customized and integrated
to clients’ internal systems. While these solutions reduce manual
touch points and mitigate operational risk, they may not be keeping
up with client needs, leaving the client dependent on the existing
technological solution. Switching to a new vendor takes time, cost
and effort, creating a risk of ‘vendor lock-in’. The 2024 survey
results show clients are heavily focused on existing providers
improving FX management solutions, especially with workflow
automation.
The review provides some reassurance that clients are not alone
in their quest for improvements and helps identify where changes
may be needed if they are to remain with their provider. The
insight also helps guide their decisions, if choosing a new
solution or thinking of changing vendor.
CitiFX Vendor Review roundtables events are scheduled for
Singapore and Hong Kong, after being well attended in London with
plans to expand to continental Europe.
About Citi
Citi is a preeminent banking partner for institutions with
cross-border needs, a global leader in wealth management and a
valued personal bank in its home market of the United States. Citi
does business in more than 180 countries and jurisdictions,
providing corporations, governments, investors, institutions and
individuals with a broad range of financial products and
services.
Additional information may be found at www.citigroup.com | X:
@Citi | LinkedIn: www.linkedin.com/company/citi | YouTube:
www.youtube.com/citi | Facebook: www.facebook.com/citi
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version on businesswire.com: https://www.businesswire.com/news/home/20240729117450/en/
Rekha Jogia-Soni Rekha.JogiaSoni@citi.com
Citigroup (NYSE:C)
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