Migration to LSEG’s clearing and risk technology platform Millennium will reduce end of processing time for market participants.
In launching the service, the platform will allow for the simultaneous exchange of cash and securities between broker-dealers to settle US listed-equities trades.
Citi merged its equities, prime brokerage and securities services businesses into one unit in July, with an aim to capture greater market share.
Citi aims to capture increased business from existing and prospective hedge fund clients by offering a full coverage of pre- and post-trade services.
Credit Suisse will bring its post-trade processes back in-house through its partnership with Torstone Technology.
The new division is the latest in a string of restructuring moves in recent months as Citi looks to streamline its businesses.
The investment bank has seen increased profits from the business following a programme of optimising and rationalising its prime brokerage balance sheet.
Credit Suisse stated it has seen increased profits following its programme of optimising and rationalising its prime brokerage balance sheet.
The DA platform processed more than four times the amount of trades per second than the latest DLT prototype developed by DTCC.
DTCC built a blockchain-based clearing and settlement platform that could process over 100 million US equities trades per day