Citigroup has joined UBS and Deutsche Bank in providing retail customers and small institutional investors with a trading platform for foreign exchange (FX).

The banking firm has partnered with Copenhagen-based Saxo to create CitiFX Pro which began trading on Tuesday.

Jeff Feig, Global Head of G10 Foreign Exchange at Citigroup, said: "We are very excited about the launch of CitiFX Pro.

"We believe this platform will complement our product suite and support our strategy to be a provider of world class FX solutions in all client segments."

Traders can choose between 130 pairs of currency and will have around-the-clock access to news. At present the platform is available only in the US but will be introduced internationally in the following months.

A recent Bank for International Settlement survey revealed that the FX market currently trades over $3 trillion a day.

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