CITI LAUNCHES THIRD PARTY CLEARING IN SINGAPORE
ALL REGIONS - September 14, 2009 – Citi Securities and Fund Services, a division of Global Transaction Services, has officially launched third party clearing services on Singapore Exchange Limited (SGX). By using this service, market participants in Singapore can gain direct market access by allowing Citi to handle clearing and settlement functions.
The newly-launched service will target securities firms looking to access the Singapore market whilst minimising local operational presence or infrastructure. Citi’s third party clearing services is also being marketed to Singapore-based brokers looking to achieve cost and processing efficiencies by outsourcing back office clearing functions to a third party. The launch of third party clearing on SGX comes as Citi Securities and Fund Services have officially implemented the services and international client in Singapore.
By launching third party clearing in Singapore, Citi is actively supporting the strategy of the SGX to enhance market access and efficiencies. Additionally, by providing this service, Citi is also meeting demand from clients for greater clearing flexibility and efficiencies in regional markets like Singapore.
Citi’s launch of third party clearing services in Singapore follows the June 2009 announcement by SGX to allow banks to become securities clearing members. Leveraging on its existing third party clearing services in Australia, Hong Kong and Japan, Citi became the first bank to apply for clearing membership on SGX. Outside of Asia Pacific, Citi also stands as the unrivalled leader in providing third party clearing in markets including Austria, Belgium, Canada, France, Germany, Greece, Israel, Italy, the Netherlands, Poland, Portugal, Spain, Switzerland and the United Kingdom.
David Russell, Managing Director, Regional Head of Securities and Fund Services, Asia Pacific, Citi, said: "Citi Securities and Fund Services is a clear leader globally in providing the most innovative solutions to enhance clearing and settlement. We see the launch of third party clearing in Singapore as a huge step towards further expanding this solution in the dynamic Asia Pacific region."
Paul Egan, Managing Director, Regional Head of Intermediaries, Asia Pacific, Citi said: "Evolving intermediary behaviour and heightened focus on cost, efficiency and security, clearly points to greater demand for third party clearing solutions in Asia Pacific. Citi is extremely proud to support SGX’s progressive stance on clearing and settlement and we look forward to signing further clients to this service in Singapore."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides 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, transaction services and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.