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Instinet allies with Citibank for FX crossing

Instinet, the global electronic agency securities broker, and Citibank have formed an alliance to operate Instinet FX Cross, a foreign exchange crossing service.

Instinet FX Cross is a currency-crossing product that will support the execution of large currency transactions anonymously at a transparent market price. It is expected to be operational in the fourth quarter of 2002 in North America, with a European roll-out to follow soon after.

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