Citi extends global custody settlement times 26 July 2016London Reporter: Stephanie Palmer
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Citi has made improvements to its integrated custody programme, extending cut-off times for settlement and cash instructions for global custody accounts.
The extensions range from 15 minutes to 24 hours, depending on the market, and are applied to accounts in Citi’s sub-custody network serviced from London, Luxembourg and New York.
Additional processing time is intended to help clients consolidate and send instructions around the clock. Improvements have been completed in more than 70 markets around the world.
Citi’s integrated custody programme is designed to utilise the global operations, technology platforms, and proprietary custody network to improve the custody model.
It now has approximately $15 trillion in assets under custody.
Sanjiv Sawhney, global head of custody and fund services at Citi, said: “We are pleased to further strengthen our integrated custody program, a core element of Citi’s custody offering.”
He added: “These enhancements follow those previously announced for our clients in the Americas and highlight our determination to provide unparalleled access to global markets whilst enabling our clients to optimise their investments through improved settlements rates and cash flows.”
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