Citi moves away from Bloomberg for its foreign exchange traders

Citigroup is stopping traders in its foreign exchange division from using internal chat groups on their Bloomberg terminals, reports Alice Ross of The Financial Times.

Ross writes, “Citi said shutting those chat groups would increase security and had the advantage that not everyone would need a terminal to access live internal information about clients’ trading activities – a sign that the bank is also seeking to reduce costs. Bloomberg charges up to $20,000 a year for the use of a terminal and almost all traders at investment banks have sole use of a terminal at their desk.

“The move is also an attempt by Citi to steer both traders and clients away from relying on news wires and towards its own internally produced market news.

“Other banks also use internal chat groups via their Bloomberg terminals. Comments made in the internal chat group can be seen by all members and are used to share information about what clients are buying and selling. Many use code words to identify clients due to security concerns.”

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