Citigroup is teaming up with online bank Saxo Bank to launch a web-based foreign exchange trading platform called CitiFX Pro.

The new platform will provide institutional level online trading services to individual traders and small institutions, according to a released statement.

The service, announced Tuesday, will allow for trade with more than 150 currency crosses. It will launch shortly in the U.S. and in selected countries during 2008.

Foreign exchange is the world's largest financial market with more than $3 trillion in daily turnover, according to BIS.

Copenhagen-based Saxo Bank specializes in online trading. The Citi deal helps support its White Label Partnership concept.