Turquoise, the pan-European equity trading services company, has chosen Citi’s Global Transaction Services (GTS) business as a general clearing member and settlement agent for transactions executed via the newly established TQ Channel, which will provide centralised anonymous access to the non-displayed liquidity of a variety of liquidity partners.
In August 2008, Citi launched its general clearing member services for European Central Counterparty (EuroCCP), who are now providing all clearing, settlement and risk management services to Turquoise inclusive of TQ Channel transactions, while Citi’s Global Transactions Services business is serving as EuroCCP’s settlement agent. This partnership recognises Citi’s extensive pan- European securities network and its strong links with the European central securities depositories.
Adrian Farnham, Turquoise chief operating officer, said: “The combination of Citi’s transaction services and the liquidity offered by Turquoise’s new aggregation service will ensure highly efficient and risk-mitigated trading, clearing and settlement on TQ Channel.”
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