Citi, a major global bank, announced this Friday that it will start offering Direct Custody & Clearing (DCC) to its clients in Norway from mid-November. To achieve this, Citi has partnered with Verdipapirsentralen ASA (VPS), the central securities depositary in Norway.
By adding Norway to its DCC network, Citi now covers more than 60 markets worldwide, including 37 markets throughout Europe, the Middle East and Africa (EMEA). DCC provides clearing and settlement services for the trading and investing activities of broker-dealers.
Citi will access VPS through its Dublin Head Office, using its Single Legal Vehicle (SLV) platform in Europe. Through a single access point, SLV gives its clients direct access to key European locations such as TARGET2-Securities (“T2S”) markets.
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Commenting on the announcement, Reto Faber, EMEA Head of Direct Custody and Clearing at Citi, said: “We are pleased to add Norway to Citi’s global direct custody and clearing network.”
“This launch highlights our commitment to become a direct participant in key markets where our clients operate and offer a comprehensive, integrated custody offering across Scandinavia, thereby enabling clients to benefit from the consistency and connectivity of Citi’s integrated network.”
Speaking on the partnership, Sveinung Dyrdal, Executive Vice President at VPS, added: “We welcome Citi as a market participant and look forward to having a global bank as a direct member of VPS. Norway is an interesting market to foreign investors and Citi’s membership confirms the continued attractiveness of VPS and the Norwegian capital markets.”
Citi has been operating in the Scandinavian country for more than forty years. Currently, the bank offers a range of services such as investment banking, capital markets, and markets solutions. According to the statement, the firm hopes the partnership and DCC in Norway will allow its clients to expand their operations, as a result.