Citi to Launch Direct Custody and Clearing Services in Denmark
COPENHAGEN, LONDON – Citi will begin offering Direct Custody & Clearing (DCC) services to clients in Denmark, starting in the fourth quarter of 2016. This new offering will expand Citi’s proprietary DCC network to 63 markets globally and 36 markets across EMEA.
Reto Faber, head of Direct Custody and Clearing in EMEA for Citi, said: “The opening of Denmark DCC further expands Citi’s unique custody footprint as the largest provider of custody services in the region and globally. It also supports our ambition to provide custody services as a direct participant in all of the major T2S markets, thereby enabling clients to benefit from the consistency and connectivity of our integrated network.”
Citi will partner with VP SECURITIES, a leading provider of securities and investor services in Denmark. VP is the central securities registration agent in Denmark and an approved CSD as stipulated by the Danish Securities Trading Act.
Birger Schmidt, Chief Commercial Officer for VP SECURITIES, said: “We warmly welcome Citi as a direct market participant and look forward to collaborating with Citi in the Danish securities market alongside local and regional financial institutions. We expect that in the future even more key players in the global market will launch direct market access to the Danish market.”
DCC plays an integral role in the capital markets by providing clearing and settlement services for the trading and investing activities of broker dealers as well as offering local market sub-custody services to banks and global custodians around the world.
Andrew Man, Country Officer for Citi in Denmark, said: “Citi has a long-standing presence in Denmark; we have been here for over four decades. Denmark is a very important country for us and we recognise the opportunities for growth here. Our new DCC business compliments the existing wide range of products that we deliver on the ground. We are delighted to be providing this service to our international and local clients.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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