Rob Daly
Traders Magazine Online News

OPINION: CAT NMS is Out of Options

The SROs have no choice but to meet their deadlines.

Traders Poll

Are you ready to comply with the new updates required by the amended Rule 606?

Free Site Registration

June 3, 2013

Almost In a Single Bound

Citi Nearly Leaps to Top Behind 'Bernieman'

By Gregg Wirth

Also in this article

Citigroup set a goal this year of regaining the top spot in in Euromoney's annual rankings of the world's largest foreign exchange trading operations by volume, which it last held in 2002.

But it fell just short-coming in 0.28 percent behind leader Deutsche Bank in market share.

See Survey Results

Citi put its push to regain the top spot in the hands of Bernie Sinniah, its global head of FX corporate sales, who was transformed into a "Bernieman" superhero character in a marketing push designed to lift Citi's standing. Even while getting edged out, Sinniah noted that there is a lot of good news in what the survey showed for Citi.

Bernie Sinniah

Traders recently spoke with Sinniah from Citigroup's offices in London to ask him about the vitality of the foreign exchange market, what clients are looking for-and whether he thinks Citigroup will be able to leap to the top of the FX heap in a single bound in the coming year.
Q.: So, Bernie, the results of the Euromoney poll are now out. You campaigned pretty aggressively for this survey. How do you respond to the results?
A: We came in second, for the second year running, and though clearly we wanted to win, we are very happy with our performance. We lost to Deutsche by only 0.28 percent, which is the second-smallest margin of victory since 1976. And our market share increased by 1.64 percent from last year. This was the biggest jump in volume enjoyed by any bank in the top 10.

Q.: Are there any other areas of the survey results that you see as important, especially for Citi?
A: It is very noteworthy that the market is separating into three distinct tiers. There are the top two-us and Deutsche-and then a gap of 4.64 percent between us and the next tier of three banks, and then there is another large gap between these three banks and everybody else.