Citigroup said it launched a single platform that will provide a full range of middle and back office services to buyers and sellers of over-the-counter derivative securities.
The Global Transaction Services unit of Citigroup Tuesday rolled out OTC Derivatives Service, which consolidates and streamlines the confirmation, settlement, valuation, collateral management, and margin management involved after a trade is executed. The service also provides access to Citi’s global clearing network.
The system can be used to navigate a rapidly changing regulatory and operational environment, the company said. In the United States, for instance, standardized credit default swaps will be moved from over-the-counter markets to exchanges or swap execution facilities. In those venues, contracts will be cleared by central counterparties, rather than by direct negotiation between two parties.
“Our goal is to help our clients stay ahead of the curve by proactively assessing new requirements and developing leading solutions,” said Neeraj Sahai, Global Head, Securities and Fund Services, at Citigroup.
Citigroup provides post-trade fulfillment technologies through its Securities and Fund Services business, which is part of the Global Transaction Services unit.
The Global Transaction Services unit has $12.6 trillion of assets under custody and operates a proprietary global network that is combined with local market experts to provide services such as this.
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