Citi’s Global Transaction Services business has launched General Clearing Member Only (GCM) Services. This new service was developed as a direct response to the changes in the European clearing and settlement landscape with the introduction of pan-European Multilateral Trading Facilities (MTFs) and Central Counter-Parties (CCPs) accessing multiple markets.
Citi’s GCM Only Services is a multi-market, multi-platform application that provides trading members with a single point of access to pan-European clearing houses. It allows them to de-couple clearing and settlement giving them the flexibility to retain their existing settlement bank arrangements and at the same time simplifying the process by having a single GCM for a CCP. Furthermore, Citi’s GCM Only offering has additional advantages of a single contractual agreement, consistent data feed with clearing data, the consolidation of margin at CCP rather than individual country level and the retention of existing clearing arrangements should an MTF expand into a new market. This aplication by Citi shields trading members from the development requirements of the CCP and from the complexity of contracting with multiple GCMs.
“Citi, being the largest provider of direct custody and clearing services in EMEA and globally, is committed to finding solutions that enable our clients to maximise opportunities presented by the changing European landscape,” says Satvinder Singh, managing director and head of Citi’s Direct Custody and Clearing/ Intermediaries business in Europe, Middle East and Africa.
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