London and Almaty - Citi today announced it is providing direct custody and clearing (DCC) services to clients in Kazakhstan. This is the seventh new market Citi has opened in two years taking its proprietary network – the largest in the world - to 51 markets.

Andrew Gelb, Global Head of Direct Custody and Clearing for Citi’s Global Transaction Services business said, “We are proud to provide the same high quality standard of DCC service, technology and support in Kazakhstan that Citi provides globally. The addition of Kazakhstan reflects Citi’s ongoing commitment to expanding our proprietary direct custody and clearing network to meet the needs of our clients and service them where they are doing business.”

Daniel Connelly, Citi Country Officer for Kazakhstan said, “Citi has been on the ground in Kazakhstan since 1994 and is committed to our business here. As a member of the local central securities depository (CSD) and Kazakhstan Stock Exchange (KASE), Citi is well positioned to provide our clients with comprehensive global securities services combined with local expertise gained from our ongoing engagement with regulators and market infrastructures.”

Direct custody and clearing plays an integral role in the capital markets by providing the clearing and settlement services required for broker dealers and global custodians to support trading and investing activities around the world. Direct custodians provide services such as equity and fixed income securities settlements, safekeeping, pre-matching, registration, corporate actions, income collection, proxy services, foreign ownership monitoring and disclosure services, tax relief at source, market claims, cash management, foreign exchange, reporting, market expertise and information services to clients.

Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. It holds $255 billion in liability balances under administration and $13.1 trillion in assets under custody and trust.