Citi Markets & Banking has announced it is providing direct custody and clearing services to clients in Morocco, expanding Citi’s proprietary direct custody and clearing network to 50 markets, the largest in the world. Andrew Gelb, Global Head of Direct Custody and Clearing for Citi’s Global Transaction Services business said, “Reaching 50 markets is a milestone for our direct custody and clearing business and a testament to Citi’s unrivalled ability to support our clients as the globalization of the capital markets inevitably continues. We are proud to provide our clients with a proprietary network that delivers a consistent high quality standard of service, technology and support in more markets than any other provider. The addition of Morocco showcases our commitment to expanding our network to meet the growing needs of our clients.” Direct custody and clearing plays an integral role in the capital markets by providing the clearing and settlement services required for broker dealers and global custodians to support trading and investing activities around the world. Direct custodians provide services such as equity and fixed income securities settlements, safekeeping, pre-matching, registration, corporate actions, income collection, proxy services, foreign ownership monitoring and disclosure services, tax relief at source, market claims, cash management, foreign exchange, reporting, market expertise and information services to clients.
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