Citi has today announced that its Global Transaction Services business was chosen by Turquoise, the pan-European equity trading services company, as a general clearing member and settlement agent for transactions executed via the newly established TQ Channel, which will provide centralised anonymous access to the non-displayed liquidity of a variety of liquidity partners.
In August 2008, Citi launched its general clearing member services for European Central Counterparty Ltd (EuroCCP), who are now providing all clearing, settlement and risk management services to Turquoise inclusive of TQ Channel transactions, whilst Citi's Global Transactions Services business is serving as EuroCCP's settlement agent. This partnership recognises Citi's extensive pan- European securities network and its strong links with the European central securities depositories.
Satvinder Singh, Managing Director and Head of Citi's Direct Custody and Clearing/ Intermediaries business in Europe, Middle East and Africa, Citi, said, "We are proud to provide Turquoise with solutions that will continue to help them remain innovative and efficient. Citi, being one of the largest providers of direct custody and clearing services in EMEA and globally, is committed to finding solutions that enable our clients to maximize opportunities presented by the changing European landscape."
Commenting on the announcement, Adrian Farnham, Turquoise Chief Operating Officer, said: "The combination of Citi's transaction services and the liquidity offered by Turquoise's new aggregation service will ensure highly efficient and risk-mitigated trading, clearing and settlement on TQ Channel."
Turquoise, which launched in September 2008, offers trading in over 1,700 stocks across 15 European markets through its integrated lit and dark order book. Turquoise's new TQ Channel service complements its existing MTF by routing and distributing eligible orders to connected liquidity providers, in order to execute institutional-size and less liquid trades with minimal market impact and at improved prices.