For the past four years, Citi has been working to eliminate what it sees as a problem with its foreign exchange trading services: the amount of programming code used to connect clients to its various services and products.

These so-called application programming interfaces (APIs) also differ between banks and other liquidity providers (LPs). However, not everyone agrees with Citi that it is desirable or feasible to replace them with a single industry API. The fear is that it will suffocate