ICFA Online
28 Jul 2008
Citi Singapore is to apply for clearing membership with Singapore Exchange Ltd, in a bid to boost support its Asia region support to broker-dealer clients.
The move follows Singapore Exchange Limited's (SGX) announcement in June this year to allow banks to become securities clearing members.
This makes Citi the first bank in Singapore to take advantage of SGX's new securities clearing rule to become an independent on-exchange clearer, which will allow Citi to offer third party clearing services to broker-dealers, SGX's trading members and their customers. Citi's third party clearing service is targeted at securities firms wanting to access the Singaporean market without establishing a local operational presence or infrastructure, as well as Singaporean brokers looking to achieve cost-savings by outsourcing their securities back-office clearing operations to a third party clearer.
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