In a push to expand the nordic operations, banking giant Citi has launched direct custody and clearing (DCC) services in Finland. Thus, it is becoming the first international bank to offer a pan-Nordic service.
As the bank explained in its announcement today, DCC plays a crucial role in capital markets services by offering clearing and settlement to broker dealers. This will also help Citi to offer local market sub-custody to banks and global custodians.
Commenting on the expansion, Ola Mjorud, Nordic head of securities services at Citi, said: “We are committed to the Nordic region and during a period of intense change to the capital markets, we are very pleased to offer a pan-Nordic service that gives clients the benefit of harmonized global access with on-the-ground market expertise at market leading cut-off times.”
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This expansion came after four decades of the bank’s operations in the Finish markets.
Connecting to the Central Depository
Furthermore, the bank also revealed that it will become a member of Euroclear Finland, the country’s central securities depository. Hence, Citi will establish a connection to the depository from its Dublin head office that will facilitate the usage of a Single Legal Vehicle (SLV) platform in Europe.
“We welcome Citi as a participant in our market and look forward to having a global bank as a direct member,” Hanna Vainio from Euroclear Finland added. “Finland is a market that is presently undergoing various important infrastructure changes, such as upcoming entry into T2S. Attracting clients such as Citi to the Finnish capital market helps to reinforce our message of commitment to the industry.”
Meanwhile, Finance Magnates earlier revealed that Citi is shedding almost two-thirds of the forex trading platforms it gives currency quotes to. However, it also enhanced its single-dealer forex platform with features like order scheduling.