Citi, the world’s largest FX dealer, to donate $1 to charity on every $1 million of FX transations for 2 months
Education is the key to development and success. Citigroup, the world’s largest interbank FX dealer, will make a charitable donation of $1 per $1 million of electronically traded FX from September 12 to November 18 to provide educational needs globally
Citigroup, the world’s largest interbank FX dealer by volume, enjoying a vast 16% of the entire global FX market share from its towering head office in London’s Canary Wharf, resumes its charitable efforts via trading FX this week for the fourth consecutive year.
Under the ‘E for Education’ moniker, Citigroup’s global campaign has so far raised over $12 million for education-focused charities, and involves the firm making a $1 donation for every $12 million of electronically traded FX between September 12 and November 18 this year.
For almost two months, the charitable effort extends across Citigroup’s entire global FX operations in the US, Europe, Middle East, Africa, Asia and Latin America, with proceeds being donated to seven specific charities.
Those whom Citigroup intends to benefit from the charity are children in all regions of the world, with Citigroup having for the last three years since launching the campaign concentrating on the provision of necessary resources including teacher training, the construction and renovation of schools, libraries and auxilliary facilities, as well as addressin safety matters in educational premises.
The development of computer and language skills are also a priority for the project according to Citigroup.
Making a commercial statement on the matter, James Bindler, Citi’s Global Head of G10 FX, said: “This year we intend to grow our donations even more. We believe that we have a fundamental responsibility to help our communities address their economic and social challenges. Our E for Education campaign leverages the enormous expertise of Citi, our staff and charity partners to help increase financial inclusion and catalyze job opportunities for youth.”
A noble effort indeed by Citigroup, however there are also industry leaders in the non-bank sector to whom investing in education for a better future for those with abilities to succeed but not the opportunity.
CMC Markets CEO and founder Peter Cruddas is one particular example, as he has very high confidence in the future talent in British industry.
Mr. Cruddas has stated his intention to give away £100 million to enable children who come from a background such as his to succeed. Mr. Cruddas does not come from wealth, far from it in fact, having grown up in a public housing project in one of Britain’s poorest boroughs.
At the age of 15, Mr. Cruddas left Shoreditch Comprehensive School in Hackney, with no formal qualifications, and joined Western Union as a Telex operator.
After being made redundant, he ventured into the FX industry, working as a dealer in the FX trading rooms of various banks in the Square Mile, before joining the London operations of Jordan’s Petra Bank in 1989 as Head of FX Dealing.
Less than a year later, Mr. Cruddas founded CMC Markets, his very own company, with just £10,000, driving the company forward for 25 years to its current valuation of £1.2 billion.
To achieve his objective of enabling young people to achieve, he set up the Peter Cruddas Foundation, which is chaired by the former Conservative cabinet minister David Young, Baron Young of Graffham.
