Hong Kong – Citi has launched a host-to-host connection with Taiwan Depository and Clearing Corporation (TDCC) which allows Citi to offer its clients near-real-time trade status and settlement confirmations for certain equity settlements, including securities borrowing and lending (SBL) and exchange traded fund (ETF) activities. Citi is the first custodian bank in Taiwan to use host-to-host connectivity for intraday feeds and to integrate it with an automated process for SBL.
"We are very pleased to roll out this solution in Taiwan, a strategically important market for Citi Securities Services and our clients," said Aashish Mishra, Asia Pacific Head of Direct Custody and Clearing (DCC) at Citi. "This, along with the innovative solutions that we recently launched to support automation in the Hong Kong market, demonstrates Citi's ongoing commitment to working with market infrastructures to deliver local solutions to our global clients."
"Like TDCC, Citi has always strived towards automation and digitization. We are very glad to see Citi Taiwan using our host-to-host offering to provide better services to foreign investors," said Han-Chiang Chu, President of Taiwan Depository and Clearing Corporation.
In the absence of host-to-host connectivity, custodians are required to manually interact with the TDCC terminal, which can create inefficiencies and delays. With dedicated connectivity, Citi's systems will be able to automatically pull trade-status information significantly faster. Integrated with Citi's previously launched automated SBL offering, this improvement provides Citi's clients with the advantage of better trade visibility, straight-through inventory checks and turnaround times for counterparty interactions.
"We have seen significant growth in the SBL and ETF trading activities of our clients in Taiwan," said Bryan Murphy, Global Head of Sales, DCC and Intermediaries Client Coverage at Citi. "To support them, Citi has undertaken a series of digitization initiatives in Taiwan, including this latest solution which advances our overall goal to improve integration with client systems and drive efficiency gains."
With over $23.6 trillion of assets under custody and administration and the industry-leading proprietary network spanning 64 markets1, Citi's Securities Services business provides clients with in-depth local market expertise, advanced processing technologies and a wide range of services that can be tailored to meet clients' needs.
1 As of Q2 2020
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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