Lloyds TSB have selected Citigroup as their Continuous Linked Settlement services provider, enablimng the bank to settle foreign exchange transactions through CLS Bank. Lloyds TSB plans to go live by the first quarter of 2005.
Lloyds TSB will use Citibank CLS Settlement Services for trade matching, automated funding, reconciliation and access to real-time activity reporting in foreign exchange (FX) trading. Citibank says this solution will help Lloyds TSB to reduce settlement risk, gain greater efficiencies and increase access to intraday liquidity.
“As a leading provider of services to the third party market, we tailor our service to each clients’ unique needs. We are delighted that Lloyds TSB has chosen us for this key service and look forward to delivering a solution that allows this important client to gain maximum efficiency in their FX processing,” says Matt Hodgson, Vice President, Citigroup Global Transaction Services.
Citigroup claims nearly 50 client mandates in Asia, North America, Europe and Africa supporting banks, broker/dealers, corporations and fund managers on CLS Bank.