Citigroup's new third party clearing service gives the bank's broker dealers direct access to the Australian Stock Exchange ASX from offshore locations. The service is targeted at those securities firms wanting to access the Australian market without establishing a local presence or infrastructure, as well as Australian brokers looking to achieve cost-savings by outsourcing their securities back-office operations to a third party clearer.
Mike Sleightholme, Asia Pacific Clearing Head of Citigroup Global Transaction Services, said third party clearing services are of great interest to securities firms at a time when cost management is an industry-wide priority.
With 35 percent of all ASX trades by volume and value...
