Citigroup Launches Third Party Clearing in Australia using GBST Shares platform
Citigroup has entered the Australian third party clearing market using GBST’s Shares platform. GBST is an Australian financial technology provider. The new service enables Citigroup’s broker dealer clients to trade securities listed on the Australian Stock Exchange (ASX) from offshore locations. Clients are able to place their trades directly on the ASX via their own SEAT terminals or by using infrastructure provided by Citigroup, which also manages clearing and settlement of those transactions through the Shares platform. Citigroup’s third party clearing service is targeted at those securities firms wanting to access the Australian market without establishing a local presence or infrastructure, as well as Australian brokers looking to achieve cost-savings by outsourcing their securities back-office operations to a third party clearer.