Madgavkar had been global head of Citi’s FX margin trading business since 2007. In that role, he oversaw the running of the bank’s margin-trading platform CitiFX Pro, aimed at the small institutional and retail market across the US, Europe and Asia. Alex Knight is taking over as head of CitiFX Pro, and will report to Madgavkar. Knight was formerly head of FXPB in Asia.
Coyne, who had been head of FX prime and G10 e-commerce since 2006, announced his departure last week, having been appointed chief executive officer of Icap’s post-trade processing technology vendor Traiana.
In the 2012 Euromoney FX Survey, Citi leap-frogged Barclays and UBS, going from fourth to second, with an overall market share of 12.29%. This placed them just over 2% behind market leaders Deutsche Bank. They were the fifth most-improved bank by overall volume, which increased 63% from last year’s survey.