Citi Launches General Clearing Member Only Services
London, September 8, 2008 - Citi today announced that its Global Transaction Services business has launched General Clearing Member Only (GCM) Services. This new service was developed as a direct response to the changes in the European clearing and settlement landscape with the introduction of pan-European Multilateral Trading Facilities (MTFs) and Central Counter-Parties (CCPs) accessing multiple markets.
Citi’s GCM Only Services is a multi-market, multi-platform solution that provides trading members with a single point of access to pan-European clearing houses. It allows them to de-couple clearing and settlement giving them the flexibility to retain their existing settlement bank arrangements and at the same time simplifying the process by having a single GCM for a CCP. Furthermore, Citi’s GCM Only offering has additional advantages of a single contractual agreement, consistent data feed with clearing data, the consolidation of margin at CCP rather than individual country level and the retention of existing clearing arrangements should an MTF expand into a new market. This solution by Citi shields trading members from the development requirements of the CCP and from the complexity of contracting with multiple GCMs. Citi is the only custodian in the market that is currently providing this solution.
Satvinder Singh, Managing Director and Head of Citi’s Direct Custody and Clearing/ Intermediaries business in Europe, Middle East and Africa, said, "Citi, being the largest provider of direct custody and clearing services in EMEA and globally, is committed to finding solutions that enable our clients to maximise opportunities presented by the changing European landscape. Citi is the only provider currently offering GCM Only Services, which allows our clients to access clearing and settlement, in this new landscape, easily and efficiently. It is one example of our innovation and responsiveness, and we are seeing tremendous interest from our clients."
Global Transaction Services 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. As of the 2nd quarter of 08, it held on average $276 billion in liability balances and $12.8 trillion in assets under custody.
For more information, please visit www.transactionservices.citi.com.
About Citi’s Institutional Clients Group:
Citi’s Institutional Clients Group serves corporate clients, governments and institutional investors around the world, providing expertise and innovative solutions in banking, markets, transaction services and alternative investments. With a history dating back nearly 200 years, Citi today has a global network that includes offices in 104 countries, trading desks in more than 80 countries and transaction services infrastructure covering 140 countries. Citi aims to be trusted advisor to our clients, to execute flawlessly, to strategically commit capital and to always focus on innovation.
Citi, 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. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney, Banamex and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.