TDCC selects Citi for global custody services 08 August 2024 Taiwan Reporter: Klea Neza
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Taiwan Depository and Clearing Corporation (TDCC) has selected Citi Securities Services to provide global custody services, as TDCC implements a new centralised custody platform in the market.
Citi aims to support investment flows on TDCC’s platform by leveraging its global custody network of over 100 markets, including its leading proprietary sub-custody network of 63 markets, which covers 95 per cent of the world’s market capitalisation.
Hsiao-Chi Wang, head of Citi Taiwan Securities Services, comments: “Citi is committed to supporting the continuing liberalisation and internationalisation of Taiwan’s capital markets and we are honoured to partner with the TDCC to establish the new centralised custody platform. With the strength of our network and local expertise, Citi is uniquely positioned to support clients across the entire investment lifecycle.”
Bing-huei Lin, chairman of TDCC, says: “We have been providing cross-border custody services for foreign securities since 2015, with nearly TW$5 trillion or approximately US$153 billion in foreign securities under custody at present. Our goal is to ensure asset safety for local investors and create a standardised and automated operating environment in collaboration with Citi and other global custodians.”
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