Citigroup Appointed for Securities Clearing by CLSA in Malaysia
Citigroup has been appointed Securities Clearing Agent by CLSA in Malaysia. CLSA is the first foreign broker in Malaysia to appoint a third party to clear and settle securities transactions executed directly on Bursa Malaysia Securities, the Malaysian stock exchange. Under the mandate, Citigroup will provide back office securities clearing services for CLSA’s new brokerage business in Malaysia. CLSA is among the first foreign brokers to receive approval from local authorities including the Securities Commission in Malaysia to become direct trading members of Bursa Malaysia Securities. Further to this approval, and with the endorsement of the Securities Commission, CLSA has appointed Citigroup as their ‘account operator’ to handle certain operational activities relating to trades executed by CLSA on the stock exchange, including securities clearing and settlement.