Citi Securities Services has been selected by the Taiwan Depository & Clearing Corporation (TDCC) to provide global custody services as the latter implements a new centralized custody platform in the market.
TDCC’s centralized custody platform is being developed in accordance with an amendment by the Financial Supervisory Commission to improve asset safety for local investors holding overseas investments via local brokers. In Taiwan, sub-brokerage is one of the fastest growing areas in the local financial market. Local brokers will hold clients’ overseas investments with the TDCC on the back of the new centralized custody platform.
Citi will support investment flows on TDCC’s platform by leveraging its global custody network of over 100 markets, including its leading proprietary sub-custody network of 63 markets which covers 95% of the world’s market capitalization.
“Citi is committed to supporting the continuing liberalization and internationalization of Taiwan’s capital markets and we are honored to partner with the TDCC to establish the new centralized custody platform. With the strength of our network and local expertise, Citi is uniquely positioned to support clients across the entire investment lifecycle,” said Hsiao-Chi Wang, Head of Citi Taiwan Securities Services.
Citi’s role in support of the TDCC’s centralized custody platform draws from its experience in supporting Financial Market Infrastructures worldwide including in Asia to enhance local securities services ecosystems for investors and facilitate connectivity to global flows.
