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 party clearing services are of great interest to securities firms at a time when cost management is an industry-wide priority.

With 35 percent of all ASX trades by volume and value...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222