Citi joins Tadawul and expands Saudi Arabia presence
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Citi joins Tadawul and expands Saudi Arabia presence 08 November 2019Riyadh Reporter: Jenna Lomax
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Citi has joined Tadawul, the Saudi Stock Exchange, and expanded its direct custody and clearing (DCC) services to Saudi Arabia.
The two developments will enable Citi to offer its institutional investor clients services in Saudi Arabia, including trading execution and clearing.
Citi provides clearing and settlement services for the trading and investing activities of broker-dealers as well as access to securities trading in local markets.
The addition of Saudi Arabia to Citi’s proprietary direct custody and clearing network will expand its local presence to 63 markets globally.
Murray Roos, global co-head of equities and securities services at Citi, said: “Clients are looking to Citi to leverage its franchise breadth, global reach and local depth to deliver meaningful financial solutions. Citi has a unique set of capabilities to offer clients across the entire trade lifecycle: from pre-trade, to trade, to post-trade, and we can bring those capabilities to bear in Saudi Arabia.”
Reto Faber, the Europe, the Middle East, Africa, head of direct custody and clearing at Citi, commented: “We are delighted to announce this strategically important addition to our growing network of markets globally.”
He added: “We look forward to working with our local partners to help build the franchise and to represent our client's interests in this important market as it continues to grow and attract more international investment.”
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