Iberclear signs global custody deal with Citi

Deal will enable Spanish CSD clients to access T2S with asset safekeeping.

By John Bakie

Spanish exchange BME has selected Citi to provide its global custody services for its Iberclear central services depository.

It has signed a memorandum of understanding at SIBOS with Citi’s Direct Custody and Clearing business to provide custody services for its clients.

Spanish financial institutions will be able to settle their international securities via Iberclear which will act as a single point of access to T2S and international markets, with Citi providin safekeeping of assets via its local custody network.

Jesús Benito, CEO of Iberclear, said: “Citi’s extensive proprietary custody network has been selected to service the growing demand of our clients efficiently and consistently across geographies. Iberclear enters a new strategic path after its successful migration to T2S with the launching of new services for its clients.”