Citi in Danish custody expansion

Citi will offer direct custody and clearing services (DCC) to clients in Denmark at the start of Q4 2016.

The new services will expand Citi’s DCC network to 63 global markets and 36 markets across the EMEA region.

“The opening of Denmark DCC further expands Citi’s unique custody footprint and supports our ambition to provide custody services as a direct participant in all of the major T2S markets, thereby enabling clients to benefit from the consistency and connectivity of our integrated network,” said Reto Faber, head of DCC in EMEA for Citi.

As part of the offering Citi will partner with Danish central securities depository (CSD) VP Securities who recently migrated onto the T2S platform as part of wave three along with Luxembourg CSD VP Lux and Euroclear ESES (France, Netherlands and Belgium) markets.

“We warmly welcome Citi as a direct market participant and look forward to collaborating with Citi in the Danish securities market alongside local and regional financial institutions,” said Birger Schmidt, chief commercial officer for VP Securities.

“We expect that in the future even more key players in the global market will launch direct market access to the Danish market.”

The role of DCC is regarded as integral in capital markets by providing clearing and settlement services as well as local market sub-custody services to banks and global custodians.