Citi has extended its Common Depository (CD) services to Asia Pacific, following the appointment by Euroclear Bank and Clearstream, the International Securities Depositories (ICSDs), to provide sub-depository services from Hong Kong.
Citi has been appointed to safe keep and service securities issued into the international securities markets.
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The expansion of the service represents Citi’s first CD location outside of Europe and enables the lender to service Asia Pacific clients, as well as global clients operating from the region, issue securities into the international debt markets, according to David Russell, regional head, Asia Pacific for Securities and Fund Services, Citi.
"Citi is honored to have the support of both Euroclear Bank and Clearstream on this new service, which complements not only our core Agency and Trust Services business but also the full suite of securities and fund services we offer. We are now well-positioned to consider additional enhancements that will deliver greater efficiencies in settlement and clearing for our clients."
Alton Chan, regional head of North Asia, Clearstream, said: "Clearstream is very pleased to collaborate with Citi to extend the offering of Common Depository services in Asia Pacific. The development of this service shall bring added-value to issuers and investors located in the region, in terms of proximity, efficiency and access to global capital markets. Clearstream will increasingly use its operational presence in Singapore to support the development of the international securities market."
Citi has been an appointed CD for Euroclear Bank and Clearstream since 1986. Over 30,000 bearer and registered global securities, Citi’s strength as a Common Depository is closely tied to its dominant position in providing issuing and paying agency services for over 30% of all debt instruments issued via Euroclear Bank and Clearstream and global instruments issued via the Depository Trust Company in the last six years by deal value.
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By GlobalDataThrough its securities and fund services unit, Citi’s provides issuers, investors and intermediaries worldwide with tailored solutions delivered through global platforms that feature modular, open architecture.
Citi’s agency and trust services business supports over 2,800 clients with more than US$4 trillion of fixed income and equity securities under administration.
