CitiFX Tradestream primarily serves mid-sized institutional investors by removing the need for the companies to engage a prime broker or a third-party technology firm for price aggregation. Tradable is an app-based platform that provides a trading system users can customize by downloading a range of trading applications from third-party technology providers.
It includes apps that provide automated trading tools, algorithmic trading strategies, social trading, charting tools and market news that allows users to select the apps they wish to trade FX with and design a system that suits their needs.
Tradable launched in November after 18 months of development and a private launch for beta developers in March.
Last month, the company won the award for the most innovative financial product at the ForexMagnates Summit in London.
With the addition of Citi, there are now seven FSA-regulated brokers using the portal and 31 apps available for use, and the company says it is set to add more global broker and liquidity provider partnerships in the coming months.
“Brokers should be able to trade with whichever liquidity provider they want,” says Tradable CEO Jannick Malling. “Citi has proven to be one of the most committed liquidity companies in the industry.”
Citi head of FX margin trading Alex Knight adds that the bank shares Tradable’s vision of an open platform.
“The industry is looking for something new, and we are happy to be one of the early adopters of a model that we think is going to drive innovation and help to reshape the industry,” says Knight.