20 October 2017
visit www.avoka.com

Citi becomes SGX bank clearing member

09 February 2010  |  3234 views  |  0 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.

 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.com visit www.atos.net

Top topics

Most viewed Most shared
satelliteGates Foundation backs Ripple collaboratio...
8416 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8253 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7396 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6782 views comments | 10 tweets | 21 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6439 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job