Malaysian Broker Appoints Citigroup As Securities Clearing Agent

Citigroup has been appointed Securities Clearing Agent by CLSA in Malaysia,the first foreign broker to appoint a third party to clear and settle securities transactions executed directly on Bursa Malaysia Securities, the Malaysian stock exchange. Under the mandate, Citigroup will

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Citigroup has been appointed Securities Clearing Agent by CLSA in Malaysia,the first foreign broker to appoint a third party to clear and settle securities transactions executed directly on Bursa Malaysia Securities, the Malaysian stock exchange.

Under the mandate, Citigroup will provide back office securities clearing services for CLSA’s new brokerage business in Malaysia.

“Outsourcing the clearing and settlement to Citigroup enables us to speed up time-to-market, reduce fixed costs and concentrate on our core business in research broking,” said David Ilett, group head of trading operations at CLSA.

CLSA is among the first foreign brokers to receive approval from local authorities including the Securities Commission in Malaysia to become direct trading members of Bursa Malaysia Securities. With the endorsement of the Securities Commission, CLSA has appointed Citigroup as their ‘account operator’ to handle certain operational activities relating to trades executed by CLSA on the stock exchange, including securities clearing and settlement.

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