Citi and LCH Clearnet Collaborate as Chi East’s Post Trade Partners
Citi’s Global Transaction Services has been selected by LCH.Clearnet Ltd (LCH.Clearnet) to perform settlement agent bank services for the first Pan Asian dark pool, Chi East.
Chi East, the joint venture between Chi X Global and Singapore Stock Exchange, will launch in Q4 2010 as the first Pan Asian dark pool of its kind. Chi East aims to bring the same post trade efficiencies and risk management gained in Europe via regional Central Counterparties. LCH.Clearnet has been appointed as its Pan Asian Central Counterparty, and they in turn have chosen a long time partner, Citi, to provide all the necessary downstream settlement services.
Citi and LCH.Clearnet have a long and established working relationship, providing clients and execution venues with pan European clearing and settlement services. Their collaboration for Chi East will further strengthen the partnership between Citi and LCH.Clearnet, while also extending the advantage of Citi’s vast Asian network to LCH.Clearnet clients.
“LCH.Clearnet has a tradition of delivering superior risk management and cost efficiencies across asset classes. We are very pleased to work with Chi East and Citi to continue this work while increasing the geographic span for our clients,” said Alberto Pravettoni, Managing Director, Alberto Pravettoni, Managing Director, Group Corporate Strategy LCH.Clearnet . “Everyone can see Asia will be the world’s growth engine and it is fantastic to be an integral part of the evolution”
“We applaud Singapore Stock Exchange and Chi X Global on their efforts to bring a regional trading venue to Asia Pacific. This will truly change the landscape for the better, and we are proud to play our part in supporting LCH.Clearnet,” comments Kevin Rideout, Global Head of Market Infrastructures, Citi’s Global Transaction Services. “This is a major step forward for the Asia Pacific investment and brokerage community
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody.