Citi settles domestic interbank FX trades

The bank launches a new domestic settlement service for global interbank foreign exchange trades in a bid to help reduce settlement risk in developing markets.

Citi has launched a domestic settlement service for interbank foreign exchange trades.

Developed for use by central banks in emerging markets, CitiÆs domestic settlement service reduces settlement risk by simultaneously settling both sides of foreign exchange transactions. The aim of the service is to provide greater transparency and efficiency in foreign exchange trades for its clients, the bank said.

Our domestic settlement service is primarily a risk management tool, says Akash Rathke, managing director, regional head of bank services and...

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