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Saxo Bank partners with Citi, in preparation for "July 15"

|Includes: Citigroup Inc. (C), GCAP, GLBR, SWQGF
As July 15 approaches, US Forex firms and foreign banks continue to scramble for solutions

NEW YORK, NY, June 29, 2011 – LeapRate’s Forex Industry News – Saxo Bank and Citigroup announced yesterday that Saxo Bank will service all US clients through CitiFX Pro. This announcement comes amid a flurry of other similar notices, as firms doing business in the US prepare for the next phase in the implementation of the Dodd-Frank Act on July 16 – although since Friday July 15 is the last “business day” before July 16, the rules are now commonly being referred to as the “July 15 rules”.

We do not see Saxo Bank’s announcement as having much effect on them or on the US market as – despite being one of the largest Forex firms worldwide – Saxo Bank never did much marketing in the US, preferring to operate in the US until now via their White Label client, CitiFX Pro. What Saxo Bank’s new announcement means is that the (few) direct clients it does have in the US will be formally transferred to CitiFX Pro, which as a Saxo Bank white label offers the same basic technology platform to clients.

For more details, including the Citi-Saxo Bank press release, please see the Forex Industry News section of our website at http://www.leaprate.com.

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