Iberclear bank on Citi to provide global custody 20 October 2017Madrid Reporter: Jenna Lomax
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The Spanish Central Securities Depository (CSD) Iberclear has selected Citi to its provide global custody services.
The agreement, signed at this years Sibos conference in Toronto, will enable Spanish clearing houses to settle international securities via local CSD.
Iberclear will provide settlement and asset servicing solutions to TARGET2-Securities (T2S) and international markets by acting as a single point of access.
The CSD will also be tasked with the safekeeping of Citi’s assets, and be responsible leveraging the bank’s local custody network while providing on the ground expertise.
Jesus Benito, CEO of Iberclear, said: “We are thrilled to launch this new solution which unlocks opportunities for our clients and the Spanish investment community more broadly. Iberclear enters a new strategic path after its successful migration to T2S with the launching of new services for its clients.”
Reto Faber, Europe, the Middle East and Africa head of direct custody and clearing at Citi, added: “This is an exciting milestone for Iberclear and its clients. We are pleased to support innovative solutions provided by key local market infrastructures and look forward to leveraging the breadth of Citi’s direct custody platform to realise efficiency gains for all local market participants.”
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