Citigroup launches third party clearing in Australia

Citigroup has entered the Australian third party clearing market and becomes the only foreign custodian to offer this service.

Citigroup's new third party clearing service gives the bank's broker dealers direct access to the Australian Stock Exchange ASX from offshore locations. The service is targeted at those securities firms wanting to access the Australian market without establishing a local presence or infrastructure, as well as Australian brokers looking to achieve cost-savings by outsourcing their securities back-office operations to a third party clearer.

Mike Sleightholme, Asia Pacific Clearing Head of Citigroup Global Transaction Services, said third...

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