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Citigroup to set up electronic currency trading platform in Singapore

Citigroup Inc. is set to launch an electronic foreign exchange pricing and trading platform in Singapore in 2019.

The platform will go live in the fourth quarter, according to a March 11 release. It will initially offer 23 spot currencies and two precious metals, namely gold and silver.

The engine will include a proprietary pricing and hedging algorithm, through which clients can deal, the company said.

Singapore will become the fourth market to offer the service after London, New York and Tokyo.