Romanian CSD appoints Citi for international settlements
10 December 2007 | 1600 views | 0
Depozitarul Central S.A., the Romanian central securities depository, today announced that it has appointed Citi to provide international settlements through the local market infrastructure.
The value added service will enable members of Depozitarul Central S.A. to efficiently settle international securities dual listed in Romania and subsequently international securities listed on other global regulated markets.
By aligning with Citi and leveraging its international settlement network, Depozitarul Central S.A. members will be able to settle and custody international securities utilizing existing Depozitarul Central S.A.
accounts. All participants will enhance their ability to execute strategies in global markets through access to a common technology platform leading to economies of scale, increased efficiencies and improved client service.
Adriana Tanasoiu, General Manager & CEO of Depozitarul Central S.A. said, "The global securities market is undergoing rapid transformations and it is important that infrastructures continue to innovate and find new ways to create opportunities for their clients. By working with Citi and leveraging its global settlement network, Depozitarul Central S.A. is responding to its clients' need for international settlements and custody by providing such services to them in an efficient and cost effective manner."
Giulio di Cerbo, Managing Director and Global Head of Citi's Infrastructure group, said, "Citi is pleased to be working closely with Depozitarul Central S.A. to create this innovative market solution. By responding proactively to client demands in an increasingly globalized and evolving regulatory market, Depozitarul Central S.A. is a leader in this space. Citi is proud to be using its international capabilities to provide this solution in Romania, as it clearly highlights the growing trend of local depositories seeking to offer international capabilities as a value added service for clients."