Citi unveils automated settlement solution in Hong Kong
This connects to Hong Kong's central clearing and settlement system.
The Citi Securities Services (CSS) said it launched an automated settlement solution in the Hong Kong market.
Citi's new technology connects to Hong Kong's central clearing and settlement system (CCASS), allowing for automated settlement and improved processing capability.
Clients would experience enhanced trade settlement in the Hong Kong market depository, with the added flexibility that is not limited by fixed settlement schedules, the banks said.
The new solution is in response to clients' increasing need for faster settlement, driven by factors such as efficient collateral management and timely trade settlement confirmation for reporting.
“In 2020, we were the first sub-custodian in Hong Kong to offer our clients real-time notification of the trade matching status. The latest solution is a continuation of our efforts to provide a complete suite of services that are as close to real-time as possible.” said APAC Head of Custody, CSS Aditya Sharma.