Citigroup and the Depository Clearing Company, Moscow (DCC) establish new US dollar dealing platform
London & Moscow, 9 December
2005 — Global Transaction Services, a business line
of Citigroup Corporate and Investment Banking together with the
Depository Clearing Company, Moscow (DCC), are pleased to announce
an agreement to jointly provide clients with U.S. Dollar DVP for
stocks traded on The RTS Exchange in Moscow.
The service will involve a direct link between Global Transaction Services and DCC whereby Global Transaction Services will execute book entry cash payment instructions for its major clients for their settlement of RTS traded securities, and at the same time, the DCC will effect book entry securities settlements for the same clients.
With final implementation due for completion by the end of Q1 2006, this expanded service will provide clients with the following benefits:
- Efficiency in the settlement of dollar traded RTS securities in the same currency
- Shorten settlement cycle
- Reduce settlement fails
Igor Moryakov, President, Depository Clearing Company, Moscow said, ”We are very pleased with our agreement with Citigroup’s Global Transaction Services business to extend this service to qualifying clients, as the volumes and types of instruments traded on RTS continue to expand.“
Ed Wiggers, Director, Russia & CIS (Commonwealth of Independent States), Global Transaction Services, Citigroup added, “We are extremely pleased to be able to offer our major clients a service to achieve US dollar DVP, by putting in place this exclusive direct technology link with the DCC, and in so doing, provide our key clients with an efficient settlement service.”
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex.
Additional information may be found at www.citigroup.com
Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.