Citi becomes SGX bank clearing member

Source: Singapore Exchange

Singapore Exchange Limited (SGX) today announced that Citibank N.A. has become a new Bank Clearing Member for the SGX securities market.

"SGX is pleased to welcome Citibank N.A. as a Bank Clearing Member. Bank Clearing Members bring additional customer segments to our marketplace, widening the spectrum of our participants. Our customers can expect to benefit from wider choices of clearing and settlement services. Ultimately, the enlarged distribution network leads to a more vibrant market," said Mr. Gan Seow Ann, Senior Executive Vice President & Head of Markets at SGX.

SGX rules allow Singapore-licensed banks regulated under the Banking Act to become a Securities Clearing Member, Derivatives Clearing Member and/or Derivatives Trading Member. The rules allowing banks to apply for Securities Clearing membership became effective 1 July 2008. Banks therefore need not incorporate a separate company to apply for the respective memberships, thus allowing them greater capital efficiency.

Following Citibank's admission, SGX has two banks among its 25 Securities Clearing Members.


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