Citi extends cut-off time for major custody accounts

The extended deadlines will allow increased processing time for clients.
By Paul Walsh
Citi has increased its custody programme by extending cut-off times for global custody accounts serviced from London, Luxembourg and New York.

The new cut-off times will apply to settlement and cash instructions across Citi’s sub-custody network. Enhanced settlement times have been completed in over 70 markets with times ranging from 15 minutes to 24 hours.

Using the increased deadlines will allow users to gain additional processing time as well as sending instructions 24-hours a day from any location.

“We are pleased to further strengthen our integrated custody program, a core element of Citi’s custody offering,” said Sanjiv Sawhney, global head of custody and fund services.

“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.”

Citi announced in 2013 that it had improved settlement cut-offs in the Americas and Europe with extensions across 54 markets.