Citigroup to Integrate CitiConnect for Securities with
Enhanced offering will provide institutional clients with full automation and straight through processing for investment funds
Luxembourg, Frankfurt, London, Sydney Global Transaction Services, a business of Citigroup Corporate and Investment Banking, and Clearstream announced today that CitiConnect for Securities, Citigroup's online order to settlement transaction management system, will provide institutional clients with access to Vestima+, Clearstream's automated order routing service for the investment funds industry, to provide single and streamlined access to trade European investment funds.
CitiConnect for Securities is an open architecture, standardized global platform providing full trade life cycle services for collective investment schemes from equities to fixed income to investment funds. The new relationship with Vestima+ will increase efficiency and provide institutional clients with centralised, automated access to a significant range of transfer agents in Europe.
Vestima+ is the automated funds order routing service pioneered by Clearstream and the only available system offering free choice of settlement and custody routes. Participants worldwide can access Europe's main domestic markets via Vestima+ as a single entry point allowing straight through processing from trade initiation to final settlement. It is aimed at reducing the costs and inefficiencies in the area of order processing within the investment funds industry by using electronic communication media like an internet-based workstation or SWIFT messages.
Commenting on today's announcement, Neeraj Sahai, Global Head of Securities and Fund Services, Citigroup Corporate and Investment Banking, said, "CitiConnect for Securities delivers a unique offering by combining execution in equities and collective investment schemes with our custody services. It provides an order driven, order submission to settlement service for equities and collectives including hedge funds. By embedding Vestima+ in our open architecture platform we are maximising automation and delivery efficiencies to our clients."
Philippe Seyll, Head of Investment fund services at Clearstream added, "We are very pleased that CitiConnect has selected Vestima+ for accessing investment funds in Europe and particularly in Luxembourg, Europe's largest market place for funds. We strongly believe that the fund market needs open access and free choice of settlement routes and deserves the same level of automation, security in settlement and traceability that other securities markets enjoy."
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.
Clearstream is an international central securities depositary (ICSD) which offers com-prehensive settlement and custody services for equities and bonds, both domestic and cross-border, as well as investment funds to a global customer base. Clearstream has direct links with 42 countries providing securities services to institutions in over 90 countries. It is part of Deutsche Börse Group, the world's largest exchange operations company when measured by market capitalisation. The combined group provides technology, services and products from trading and information products to clearing, settlement and custody based on straight-through processing and interoperability standards to all stages of the processing chain. Additional information may be found at www.clearstream.com