Citi rolls out HK exchange clearing service

Move follows recent legislation allowing Hong Kong exchange members to outsource clearing and custody.
Drawing on its experiences in other Asian and European markets, Citigroup has launched a new securities exchange clearing service in Hong Kong. Citi believes the new platform will put it in a leading position, since it will become the first custodian bank to act as settlement agent in Hong Kong for an external party. This follows changes to local legislation enabling exchange members to outsource clearing and settlement activities.

Under the new service, Citi will provide back office securities clearing services and will act as an account operator for exchange members, as well as report through the SWIFT network. Services will include handling certain operational activities relating to trades executed on the Hong Kong stock...

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