Citibank Secures Full Membership of Clearnet

Citibank Global Securities Services announced today that it has gained admittance as a General Clearing Member (GCM) to the French and Belgian segment of Clearnet, the central clearing counterparty (CCP) for French, Belgian, and Dutch stocks traded on Euronext. Citibank

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Citibank Global Securities Services announced today that it has gained admittance as a General Clearing Member (GCM) to the French and Belgian segment of Clearnet, the central clearing counterparty (CCP) for French, Belgian, and Dutch stocks traded on Euronext. Citibank was already a member of the Dutch Clearing House.

Citibank can now clear as well as settle trades on the existing Euronext exchanges, and any exchanges which decide to join the group (the stock exchanges of Portugal, Poland and Finland are expected to do so). Theoretically, Citibank will also be able to offer an integrated cross-border margining and collateral management service across the Euronext markets. The American bank says a number of customers are already in negotiation with Citibank to provide these services.

“Our membership of Clearnet will considerably strengthen our commitment to our customers as the major European securities settlements provider,” says Giulio Di Cerbo, Global Head of Sales and Account Management for Intermediaries at Citibank Global Securities Services. “One of our key objectives is to leverage our global network to provide efficient access to all of the international securities markets for our customers.”

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