Clients to have insight into Citi’s Futures and OTC collateral holdings, custodial locations, and breakdown of collateral investments via Citi Velocity
Citi has launched its Client Segregation Transparency Initiative, which provides clients unparalleled access into Citi’s collateral segregation processes for Futures and Cleared OTC products.
In light of recent events impacting client asset protection, customers are increasingly concerned about the protection of their collateral, and clearing members’ controls and policies around safeguarding client money. With this launch, clients are now provided daily insight via Citi Velocity into the amount of Futures and cleared OTC collateral Citi is holding, custodial locations, and breakdown of collateral investments.
“No other clearing member provides this level of disclosure to its clients,” said Jerome Kemp, Global Head of Futures and OTC Clearing at Citi. “Our clients, amongst whom are many of the world’s leading financial institutions and corporations, expect that the collateral they post will be appropriately safeguarded by their clearing member, and we at Citi take this responsibility very seriously.”
“While we anticipate further reform relative to client asset protection on the horizon, we are pleased to offer this level of transparency to our clients now as we believe this will be the next step in the continued evolution of client asset protection regulation,” added Christopher Perkins, Global Head of OTC Clearing.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.