Citi Securities and Fund Services, a division of Global Transaction Services, has launched third party clearing services on Singapore Exchange Limited (SGX). Reportedly, by using this service, market participants in Singapore can gain direct market access by allowing Citi to handle clearing and settlement functions.
It has been reported that the newly launched service will target securities firms looking to access the Singapore market while minimizing local operational presence or infrastructure. Citi has said that its 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.
Paul Egan, managing director, regional head of intermediaries, Asia Pacific, Citi said, “Evolving intermediary behavior 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.”
