Citi launches direct custody and clearing services in Norway

Citi has revealed it will start offering its new direct custody and clearing services in Norway from mid-November.

Direct custody and clearing play an “integral role” in the capital markets, according to Citi. The new offering will provide clearing and settlement services for the trading and investing activities of broker-dealers as well as offering local market sub-custody services to banks and global custodians.

Citi will partner with the Norway central securities depository Verdipapirsentralen ASA (VPS) and will access VPS directly through its Dublin head office, facilitating the use of Citi`s single legal vehicle (SLV) platform in Europe.

SLV offers clients direct access to key European locations, including the TARGET2-securities markets, via one single access point.

Sveinung Dyrdal, executive vice president at VPS, said: “We welcome Citi as a market participant and look forward to having a global bank as a direct member of VPS. Norway is an interesting market for foreign investors and Citi’s membership confirms the continued attractiveness of VPS and the Norwegian capital markets.”

Pal Rokke, Citi country officer for Norway, added: “As we celebrate the 45th anniversary of Citi’s presence in Norway, we are pleased to add direct custody and clearing services to the existing wide range of services we deliver on the ground across the full spectrum of investment banking, capital markets and markets solutions. We look forward to leveraging our extensive network to facilitate investor access to Norway and generate new growth opportunities for our local and international clients.”

The new services expand the bank’s direct custody and clearing services network to over 60 markets globally.