The London business freesheet is being distributed by hand in the City of London and Canary Wharf from 6am.
It has launched with a 24-page issue and an initial print run of 60,000 copies, and according to its strapline sets out to give readers "The world of business -- and the players behind it".
Editor David Parsley is drawing on a 50-strong editorial team and the support of two former Metro International bosses.
On board from the start was managing director Lawson Muncaster, a former Metro International vice-president of global sales. He was joined last week by Jens Torpe, a former chief operating office of Metro International, as chief executive officer.
"We have a fantastic product that will serve more than 400,000 business professionals within the City and Canary Wharf," Torpe said.
The paper is aiming to grow circulation to 100,000 copies within the first three months.
The company behind the paper, also called City AM, has attracted £10m worth of funding. A key investor is Blue Bull, a private investment vehicle run by Boudewijn Poelmann, who will be chairman of the company.
Its progress will be watched by the Financial Times, which had already moved in April to counter the then-vague threat from freesheets with the launch of FTpm, a free double-sided A4 handout distributed in London's financial districts.
The Financial Times' average six-month circulation was down 2.65% year-on-year in July from 436,405 to 424,849.
Of this, its England, Wales and Northern Ireland circulation was 121,927 for July 2005. Its cover price is £1.
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