Citigroup Inc., the third-biggest U.S. bank, updated its corporate foreign-exchange electronic trading platform to help clients hedge currency-market exposure.
The revised system, to be known as Pulse 2.0, will include trading of derivatives known as structured options and will provide access to 700 currency pairs, the New York-based bank said in an e-mailed statement today.
Citigroup is the world’s biggest foreign-exchange trader for companies with a 10.1 percent share of the market, followed by HSBC Holdings Plc’s 8.4 percent and Deutsche Bank AG’s 7.9 percent, according to a Greenwich Associates report last month. The firms are seeking opportunities to boost revenue amid rising demand from corporates for protection against swings in exchange rates that may dent earnings.
“CitiFX Pulse is, and has always been, about corporate foreign-exchange hedging and now more so than ever,” Yi Hahn Chin, its global product manager, said in the statement. A new “exposure-management module” will provide end-users with control across their global businesses, according to the statement.