Citi connects directly to Hong Kong’s central clearing and settlement system
“In 2020, we were the first sub-custodian in Hong Kong to offer our clients real-time notification of the trade matching status. The latest solution is a continuation of our efforts to provide a complete suite of services that are as close to real-time as possible.”
Citi Securities Services has launched a new fully automated solution that further improves Citi’s custodial capability in post-trade instruction and settlement processing.
The automated solution involves a module that connects directly to Hong Kong’s central clearing and settlement system (CCASS), enabling clients to benefit from more timely and enhanced settlement of their trades in the Hong Kong market depository.
Complete suite of services that are as close to real-time as possible
Citi introduced this capability to address the growing demand for quicker settlement due to a variety of reasons, including efficient collateral management and expeditious trade settlement confirmation for reporting purposes.
This latest enhancement further complements Citi’s custodial service capabilities as part of the company’s efforts to enhance technology and connectivity to financial market infrastructures (FMIs).
Aditya Sharma, APAC Head of Custody, Citi Securities Services, said: “In 2020, we were the first sub-custodian in Hong Kong to offer our clients real-time notification of the trade matching status. The latest solution is a continuation of our efforts to provide a complete suite of services that are as close to real-time as possible. Our latest tool opens up a myriad of benefits for our end clients in post trade activities in Hong Kong.”
Caroline Chan, Citi’s Securities Services Head for Hong Kong, commented: “We are constantly seeking to improve our client’s experience through the deployment of technology and greater automation. As a leading provider of securities services, it is incumbent upon us to continuously collaborate with the relevant FMIs and other related parties to deliver results that ultimately benefit our clients.”
Citi Securities Services has approximately USD$26.2 trillion of assets under custody, administration, and trust worldwide, and a leading proprietary network spanning more than 60 markets.
The firm provides cross-border support for clients with extensive local market expertise, post-trade technologies, customized data solutions, and a range of bespoke securities services solutions.
