Citi launches direct services in Norway
November 16, 2018
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Citi reports this morning that it will begin offering direct custody and clearing (DCC) services to clients in Norway, starting mid-November. It says the new offering expands its proprietary DCC network to over 60 markets globally, including 37 markets across Europe, the Middle East and Africa (EMEA).

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.

Reto Faber, EMEA Head of DCC at Citi, said: "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." 

Citi will partner with Verdipapirsentralen ASA (VPS), the central securities depositary in Norway and will access VPS directly via its Dublin Head Office, facilitating use of Citi`s Single Legal Vehicle (SLV) platform in Europe. SLV offers clients unparalleled direct access to key European locations, including the major TARGET2-Securities ("T2S") markets, via one single access point.

Sveinung Dyrdal, Executive Vice President at VPS, said: "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".





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Citi reports this morning that it will begin offering direct custody and clearing (DCC) services to clients in Norway, starting mid-November. It says the new offering expands its proprietary DCC network to over 60 markets globally, including 37 markets across Europe, the Middle East and Africa (EMEA).

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.

Reto Faber, EMEA Head of DCC at Citi, said: "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." 

Citi will partner with Verdipapirsentralen ASA (VPS), the central securities depositary in Norway and will access VPS directly via its Dublin Head Office, facilitating use of Citi`s Single Legal Vehicle (SLV) platform in Europe. SLV offers clients unparalleled direct access to key European locations, including the major TARGET2-Securities ("T2S") markets, via one single access point.

Sveinung Dyrdal, Executive Vice President at VPS, said: "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".



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