Citi has won “Best OTC Trading Initiative” at the 2012 American Financial Technology Awards for its Client Money Segregation Platform. The Awards were hosted by Waters Technology, Buy-Side Technology, Sell-Side Technology and Waters magazine, and recognize industry excellence in the deployment and management of financial IT within the wholesale investment banking community.
The Best OTC Trading Initiative award recognizes projects or deployments that improve over-the-counter trading capabilities and demonstrate proactive preparation for impending market changes, such as those mandated by the Dodd-Frank Act. This accolade is a further testament to Citi’s commitment to the derivatives clearing business, as it recently won “Client Clearing Provider of the Year" award from Asia Risk magazine.
“Citi’s new transparency reporting platform is an industry first,” said Jerome Kemp, Global Head of Futures and OTC Clearing. “We are honored to receive this award. We take our responsibility in protecting our clients' assets extremely seriously and believe that clients have a right to this level of disclosure. This initiative seeks to enhance confidence in Futures and OTC cleared markets by leveraging technology to lead the market toward a new standard of transparency in client asset protection.”
The Client Money Segregation portal, accessible via Citi Velocity®, gives clients access, from a central location, to segregated balances, trust bank distributions, and related regulatory reporting. In the U.S., this portal allows clients to not only see the daily amounts of client funds in Segregated, Secured, and Sequestered accounts, but also their respective breakdowns of securities and cash. In EMEA, clients are provided transparency into Citi’s client money trust bank distributions.
“Citi’s reporting portal has been received favorably by U.S. Congressional staff, Regulators, and most importantly, our clients,” said Christopher Perkins, Global Head of OTC Clearing. “This underscores Citi’s commitment to building client-centric technology solutions to help its clients prepare for the emerging regulatory environment.”
Citi is currently the only clearing member to provide this unique type of daily reporting to its clients that details collateral segregation processes for Futures and Cleared OTC products.