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

June 29, 2011 - PRLog -- 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

# # #

Which Forex firm should I trade with?
LeapRate's Approved Forex Firms list can help you answer that question. LeapRate is an independent research and advisory firm, covering the world of online Forex and CFD trading. Our Approved Firms list highlights Forex firms which in our view do things right – in terms of adherence to proper procedures, regulation, custody of cash, quotes to clients and risk management techniques, among others. LeapRate is followed by thousands of investors and other Forex industry participants via Twitter, email, and our website at http://www.leaprate.com