Citi launches pan-European service
23 July 2008

Written by Sophie Baker

Citi has announced a new service which will allow clients direct access to European markets on a direct basis and benefit from the consolidation of securities and cash accounts, through its Global Transaction Services business.

The pan-European solution has been developed in anticipation of the changes that are expected to occur as a result of continued consolidation of the European market, and will offer flexibility, efficiency and standardisation that will be required by clients in the harmonised landscape.

The service will consolidate direct securities services for European markets into a single legal vehicle and technical platform, giving clients the choice when securities and cash accounts for different markets are to be merged into single accounts. Citi hopes this will allow clients to directly access multiple markets across Europe.

The new service is initially focused on the Euronext markets, and is now live in Belgium, France and the Netherlands. It will be introduced to Portugal in early 2009, and Citi says there is the potential for further rollouts into other European markets later next year.

Satvinder Singh, managing director and head of Citi’s direct custody and clearing/intermediaries business in Europe, the Middle East and Africa, said: “As the largest pan-European provider of custody services, it is fitting that Citi would be the first to offer multiple market direct custody and clearing accounts in the region. The European landscape is changing and Citi is well positioned to allow our clients to gain opportunities from the harmonised market by offering the flexible solutions today that the market and clients will demand tomorrow. With this new service, clients gain efficiencies right through the settlement process.”