Citi is launching a Client Segregation Transparency Initiative, which it says will make its collateral and asset management services less opaque.
Through daily updates on Citis Velocity platform, users can view the amount of futures and cleared OTC collateral Citi is holding, custodial locations, and breakdown of collateral investments.
No other clearing member provides this level of disclosure to its clients, says Jerome Kemp, global head of Futures and OTC Clearing at Citi. Our clients, amongst whom are many of the worlds leading financial institutions and corporations, expect that the collateral they post will be appropriately safeguarded by their clearing member, and we at Citi take this responsibility very seriously.
While we anticipate further reform relative to client asset protection on the horizon, we are pleased to offer this level of transparency to our clients now as we believe this will be the next step in the continued evolution of client asset protection regulation, says Christopher Perkins, global head of OTC Clearing.
(OS)