FXConnect, the foreign exchange portal owned by State Street, has scooped up Citibank as a market maker following the collapse of Citibank's Atriax FX portal last week, and just one day after Citibank joined FXall as a shareholder.

FXConnect, which has more than a 75% share of the online FX market, according to US consultancy Tower Group, looks set to build on its market lead after attracting Citibank, the second largest dealer in the foreign exchange market.