Citi Today announced that its Global Transaction Services business has been appointed by Mediobanca, the leading Italian investment bank, to provide all clearing and settlement functions including the support of the newly introduced Eurex Net Settlement Service in Germany.
Recently, Mediobanca became a direct trading member of Xetra, a Cash Equity platform of Deutsche Boerse, and Eurex, the German Derivatives Exchange. As a result of these new ventures, Citi has been selected as General Clearing Member (GCM) at Eurex Clearing AG as well as the Settlement Agent at Clearstream Banking Frankfurt. This is the first step taken by Mediobanca accessing international exchanges. This win by Citi is the first for the recently created GTS Derivatives Clearing Platform which is designated to Citi's client's activity.
Gian Lorenzo Trapassi, Head of Operations, Mediobanca, said, "We are very pleased to have Citi as our new General Clearing Member and Settlement provider and are looking forward to developing a strong working relationship with Citi. As we continue to expand our global footprint and widen the scope of services, we look to Citi as a partner in growth and provider of innovative and efficient solutions."
Tom Isaac, Global Head of Client & Sales Management for Financial Intermediaries, Citi, stated, "We are delighted that Mediobanca has chosen Citi. This appointment by Mediobanca illustrates how our world wide network and local market expertise comes together to provide our clients with an unrivalled global solution."